Sources : DMK’s first family unfurls its octopus hands. The family indirectly buys former Crown Plaza @ Adyar Gate Hotel, interestingly through a benami of OPS.
In January 2023, the Times of India carried a news item that the 286 room 5 star hotel property is about 1+
to be taken over by Ceebros.
Ceebros is a realty firm functioning from 1978. In the ToI news item, Ceebros’ MD Subba Reddy told that “talks were on”. "Only the nitty gritty of the commercial agreement needs to be finalised. For Ceebros, Crowne Plaza will be the third 2+
hotel property it is acquiring, after the Atlantic Hotel in Egmore and Viceroy Hotel in MRC Nagar. Both the hotels were razed down and built as residential towers, said ToI news item.
The promoters of Adyar Gate Hotels Limited (AGHL), the Goals have a debt of 3+
Rs. 354 crores to banks and Rs.42 crores as property tax to Chennai Corporation.
The deal between Ceebros & was for a total sum of Rs.600 crores. As per the ToI report that appeared in January, just nitty gritties of the deal alone needs to be finalised. 4+
At this juncture, sources say that a member of DMK’s first family placed a call to the management of Ceebros and instructed in categorical terms that, if they proceed with the deal, no permission whatsoever will be issued and the property will remain as a dead investment. 5+
A rattled Ceebros management has backtracked now it seems.
AGHL is likely to sell the property to Baashyam realtors a benumb of former Dy CM OPS. The Baashyam group is already in a deep soup for buying a government poromboke land and obtaining patta during the fag end 6+
of the previous regime viz. February 2021. However, the government demanded a huge sum as charges to make the patta effective and the matter is pending in court.
Now it seems that the same Baashyam, which is in dire straits due to the 2000 crore property lying in limbo 7+
is buying the AGHL property and promoting it as a residential tower. The project is estimated to cost Rs.1250 crores and expected to yield a profit of Rs.900 crores. Baashyam will be lending its name and undertaking the demolition and construction process 8+
and will get 40% of the total value and the remaining 60% goes to the first family according to sources.
Will there be a quid pro quo by way of clearing Baashyam’s legal hurdles for the Koyambedu 2000 crore property ? Watch this space. 9/9
*2021
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