The agreement, the city's second big real-estate deal this year, was confirmed by Vinod Goenka, chairman of DB Realty.
The Thackerseys have entered into a joint venture with DB Realty to develop the six-acre plot of Crown Mills at Prabhadevi. The joint venture can develop six lakh square feet of space on the plot.
The agreement, the city's second big real-estate deal this year, was confirmed by Vinod Goenka, chairman of DB Realty. Goenka said the joint venture plans to build a residential complex. Though Goenka refused to give details, it is believed that DB Realty's offer was substantially higher than that of Godrej Properties, with whom the Thackerseys had almost reached agreement earlier.
Godrej Properties had offered to pay Rs100 crore upfront, plus a 55% share of revenues from the developed portion. There was also talk of an agreement with Axis Bank, where the land was to be sold at Rs1,000 crore to the bank to set up its corporate headquarters. But that didn’t see the light of day.
Real estate experts believe the Thackerseys have done the right thing. "The property was in the market for long and not many buyers were willing to fulfil their expectation of Rs1,000 crore,” said one. “So the family thought it better to enter into a joint venture.
“It also makes sense as a high-end residential apartment in that area is quoted at roughly Rs20,000 a sq ft. Oberoi Constructions commands roughly Rs25,000 a sq ft for a similar construction on the Glaxo plot at Worli, that too before the building is up."
Another said a joint venture is a good option as land rates are high and account for anywhere from 50% to 80% of the cost of a project, depending on location. The Thackerseys had earlier sold an acre of land in Crown Mills to Suresh Raheja's K Raheja Universal. A six-storey commercial building, Chromium, has come up there.
The other big-ticket real-estate transaction this year involved the Hindoostan Mills land at Prabhadevi (Process House) in May. The plot was bought by a DLF-Akruti City consortium, but DLF sold its 66% stake in the plot to C Sivasankaran, a serial investor from Chennai. Akruti is now in talks with Sivasankaran to jointly develop the plot.
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