In yet another sign that the real estate market has cooled, a land auction at business hub Bandra-Kurla Complex on Thursday fetched Rs1.55 lakh per sq. metre—half the price from the previous auction in March.
Ahmedabad-based Talim Research Foundation, a venture of Subhash Chandras Essel Group of Industries, was the sole bidder, paying Rs92 crore, only Rs2 crore over the minimum sale price.
Just five months ago, Jet Airways (India) Ltd picked up a plot in the same area at Rs3.52 lakh per sq. metre.
The latest auction comes as land sales have shrunk in a tight realty market and developers have stayed away from land purchase.
More : livemint.com
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