In one of the biggest land deals in the country in the past one year, the Mumbai-based Wadhwa Group today said it had bought 18.18 acres in Mumbais Ghatkopar suburb for Rs 571 crore from Hindustan Composites Ltd. The deal works out to Rs 7,210.31 a sq ft (1 acre equals 43,560 sq ft).
The developer has tied up Rs 300 crore from the Indiabulls Group to pay for the land and will use internal accruals to fund the rest of the deal. Consultants termed the deal expensive, given the prevailing property prices.
I think it is a good price for the seller. The buyer will be able to make his returns by the time the project gets all approvals and gets going. Since markets have improved, such deals are happening now,” said Akshaya Kumar, chief executive of Park Lane Property Advisors.
More : business-standard.com
Send an E-Mail for mumbai Property Enquiry!
Related News from Mumbai
Few bidders at Mumbai property sale
Mumbai, March 18 Providing a clear indication of diminishing valuations in the realty sector, the Mumbai Metropolitan Region Development Authoritys (MMRDA) auction on Tuesday saw a near boycott of bidders, with only one bidding Rs 3.44 lakh per sq. metre for an office plot of 24,000 sq. m (built-up area) at the Bandra-Kurla complex here. There were no takers for another commercial plot of 28,000 sq. m and for a 6,420-sq. m area for a residential clubhouse. In November last year, property prices in Mumbai touched a record high when the Wadhwa Group bid Rs 5.04 lakh a sq. m for
CIDCO clears encroachments on plot worth Rs 400 crore in Navi Mumbai
The City and Industrial Development Corporation (CIDCO) cleared a plot estimated to be worth around Rs 400 crore of encroachments on the Palm Beach Road in Navi Mumbai on Monday. The encroached plot was reserved for a playground and garden. According to Vijay Kalam-Patil, who heads the anti-encroachment cell of the CIDCO, some 13 structures had come up on the plot in Sector 36 near Karave village of Navi Mumbai around 15 days ago. More than 200 CIDCO officials and workers demolished the structures with the help of 62 Navi Mumbai Municipal Corporation (NMMC) employees amid tight security—136 personnel from
Mumbai Metro bids are too high, feels govt
Even as the state government is evaluating the bids for Mumbai Metro rail project, senior government officials said that the bids were on the higher side. “We were surprised to find the bids too high,” said T Chandrashekhar, additional commissioner of the project executor Mumbai Metropolitan Region Development Authority (MMRDA). He said Reliance Energy Ltd (REL) and IL&FS, the bidders, have asked for a viability gap funding between Rs 1,235 crore and Rs 1,269 crore. This, he said, was more than double what the government had envisaged earlier at around Rs 500 crore. Another senior government official
NSE buys Kurla property for Rs 120 crore
National Stock Exchange (NSE) has bought 80,000 square feet office space from Unmesh Joshi-led Kohinoor City in Kurla, one of the central suburbs of Mumbai, for Rs 120 crore, making it one of the biggest property deals in Mumbai this year. Joshi is son of former Lok Sabha Speaker Manohar Joshi. NSE, headquartered in the nearby Bandra Kurla Complex (BKC), paid Rs 15,000 per sq ft, which according to property consultants is a decent price given the current market conditions. Office properties in Kurla command a price of Rs 12,000-15,000 a sq ft. Ready office spaces get a good price as the
No takers for railways’ prime Bandra plot
In yet another indication that the real estate business is on the downslide, the Indian Railways has deferred its decision to invite builders to develop commercially a prime 11-acre plot outside Bandra suburban railway station. Sources claimed that there were few takers for the 45,371 sq m plot, mainly because of the meltdown in the property market. The railways had set a reserve price of Rs 1,750 crore, which was described as an upfront lease premium for the site. Builders, including the big daddies of the construction industry, are facing a liquidity crunch lately and several of them have backed