Andhra Bank takes over Sivasankaran’s property

GURGAON, India - Jan. 21, 2015 - PRLog -- The Andhra Bank has taken possession of a prime property in Chennai belonging to Aircel’s former owner and serial entrepreneur C. Sivasankaran for defaulting payment to the tune of Rs 42.7 crore. The property is situated at MRC Nagar, which locates several corporate houses in the city.

The bank on its website has put out a notice, which says, M/s Siva Industries and Holdings Limited, availed of credit facilities from Andhra Bank and has defaulted to pay. A sum of Rs. 42,71,14,771 is due to the Bank as on December 31, 2014, with further interest, cost and expenses.

“The bank will be selling the property in public auction that will be conducted through e-auction,” said a source who is handling the deal. “This is a commercial office space with parking areas situated at Beliciaa Towers, Block I. The party owns five floors in that building. The built up area is around 90,632 sq ft,” he said.

Siva, as he is referred to in business circles, could not be reached for comments.  In terms of price per sq ft, the cost in MRC Nagar is anywhere between Rs 9,500 to Rs 10,000. Real Estate analysts say that this location is also a Grade A commercial location. Recently, Siva’s Sterling Towers on Anna Salai was bought by tyre-maker MRF for Rs 90 crore. Source: thehindu.com
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