CHENNAI : Chennai-based Shriram Properties Limited has quoted Rs. 220 crore for 45.88 acres of land and hospital buildings belonging to the Sri Kanchi Kamakoti Peetam Charitable Trust in Perumbakkam.

The bid was submitted before the Master Court, which conducted an auction as per the orders of the First Bench of the Madras High Court.

Later, Abbudukumar Rajarathinam, counsel for the highest bidder, filed an affidavit stating that 10 per cent of the bid amount would be paid within 24 hours of the confirmation of the auction.

The balance would be paid in three months subject to the delivery of clear and marketable title by the vendors.

The bidder proposes to run a state-of-the-art hospital in collaboration with a reputed medical institution, he submitted.

The trust approached the court for permission to sell its properties in Perumbakkam village near Chennai, as it had suffered a loss of Rs. 22.62 crore since 2003. It said loan repayment and interest commitments had created such a "compelling situation."

Though a single judge rejected the plea on January 31, 2006, the First Bench permitted the trust to sell the assets through public auction. It, however, said the minimum upset price should be Rs. 185 crore.

The matter is scheduled to come up before the Bench on Friday for confirmation of the auction.

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