In what is one of the biggest real estate transactions involving mill land sale in recent times, Mafatlal Industries have sold a land parcel of 30,910 sq meters for Rs605.80 crore.
In what is one of the biggest real estate transactions involving mill land sale in recent times, Mafatlal Industries have sold a land parcel of 30,910 sq meters for Rs605.80 crore.
The purchaser of the prime plot, located adjacent to the Byculla zoo, is Gliders Buildcon LLP, a subsidiary of Piramal Realty. The deal was mediated by Jones Lang LaSalle India, making it the largest-ever transaction enabled by an international property consultancy in India.
The Mafatlal Mill site, which commands a view of the Arabian Sea, holds a premium both, from the residential as well as commercial point of view.
Confirming the deal, Khushru Jijina, managing director, Piramal Realty, says, “Located just 15 minutes from CST, 30 minutes from BKC, and ten minutes from Mumbai Central, Mahalakshmi Station and Race Course, the location is ideally suited for mixed used development.”
Disclosing details about the deal, Sanjay Dutt, CEO, Business, JLL said, “The location lends itself well to mixed use that could include hospitality, retail and residential components. We are, after all, talking about over 1 million square feet of prime asset in the heart of Mumbai.”
Given the greenery-encased, panoramic sea view, and a saleable area of 46,669.2 square meters (factoring in an assumed FSI of 1.33), this plot would fulfill its highest potential in premium residential.
The development potential in terms of saleable area is approximately 1 million square feet, which even at a conservative selling price of Rs30,000 per square foot, adds up to Rs3,000 crore.
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