Sale of 3.48-acre Velachery Land Completed; Rs. 200 crores Received of Rs. 361.18 crores
Sale of the 3.48-acre surplus freehold land at Velachery, Chennai is done.
- Land Size
- 3.48 acres
- Location
- 154, Velachery Main Road, Velachery, Chennai
- Total Consideration
- Rs. 361.18 crores
- Cash Received
- Rs. 200 crores
- Buyer
- Canopy Living LLP
What happened
Rane (Madras) has completed a step in the sale of a surplus land parcel it owned in Chennai.
- Land: 3.48 acres of freehold land at 154, Velachery Main Road, Velachery, Chennai.
- Buyer: Canopy Living LLP, under an Agreement to Sell entered into earlier.
- The conditions in that agreement were fulfilled, and the company has transferred possession and recorded the sale.
Money involved
- Total consideration: Rs. 361.18 crores.
- Received till date: Rs. 200 crores.
- The balance consideration is to be received in accordance with the terms of the agreement.
How to read it
This is a monetisation of a non-core, surplus asset rather than operating business income. Cash of Rs. 200 crores has already come in, with the rest linked to the agreed terms. Investors often watch such sales for how the proceeds are eventually used and for the accounting treatment of any gain in the relevant quarter.
More numbers
- Land area sold3.48 acres
- Total considerationRs. 361.18 crores
- Consideration received till dateRs. 200 crores
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