Email
Print
ShareAlthough the property market has seen a slump in recent times, there is no slow down of sale of land in the city.
A 17-acre industrial plot of Hindustan Composite Ltd on LBS Marg at Vikhroli, owned by Kolkata-based industrialist Raghu Mody, was reportedly sold to Suresh Raheja owned K Raheja Universal for over Rs650 crore, or approximately over Rs4,200 a sq ft. The deal is to be inked soon. However, Ashish Raheja, managing director of K Raheja Universal, refused to comment on it.
Real estate experts say the price is reasonable considering the softening market conditions, and the fact that the property faces a Muslim burial ground on one side and the Godrej property on another.
With a developable space of 15lakh sq ft (double area as the developer can now load transfer of development rights on the 70,000-sq mt plot), the plot can now be developed either for residential or office purpose.
About a few months ago, Bombay Oxygen Corporation Ltd, a factory manufacturing oxygen and nitrogen at LBS Marg in Mulund, had sold its 10-acre plot for above Rs200 crore, or approximately Rs20 crore an acre to Housing Development and Infrastructure Ltd.
Strategically located, the industrial plot has a good frontage (wide access from the main road), and thereby offers business opportunities such as to develop a mall or a commercial complex or a hotel like Hyatt at Santacruz, property experts say. Opposite the plot lies the 19-acre Glaxo-owned Burroughs Wellcome plot that is being developed by Oberoi Constructions.
Another major recent deal was that of the 53-acre plot owned by Fiat India at Kurla which was sold to IKG, an ILFS subsidiary, for Rs608 crore.
m_rajshri@dnaindia.net
