Chennai: Apollo Hospitals buys mall on OMR for Rs 170 crore

CHENNAI: Apollo Hospitals has bought Junction Mall, which is being built on OMR by the MARG Group, for around 170 crore to re-develop it into a 700-800 bed specialty hospital, multiple sources have told TOI.
"The property registration happened on Monday evening for a value of around 155 crore, which includes both the building and land. A sum of 17 crore was paid as stamp duty and registration fee," a source in the state registration department told TOI."It has been acquired under the SARFAESI Act, " the source added.
The MARG Group had planned to develop the seven-acre property at Karapakkam into a mall-cum-multiplex, along with high-end residences. The plan was to develop about 7.5 lakh sqft of mixed space.
LIC and Edelweiss ARC had backed the project among others. While the construction started around 2008-09, the activity came to a standstill sometime in 2012.