Kolkata-based industrialist Raghu Mody has put the 17-acre plot housing Hindustan Composite Ltd at Vikhroli on the block.
Another big real estate deal is in the offing on LBS Marg.
Kolkata-based industrialist Raghu Mody has put the 17-acre plot housing Hindustan Composite Ltd at Vikhroli on the block. The property faces a Muslim burial ground with another part touching the Godrej property. The asking price: Rs5,000 per sqft. Or Rs235 crore for the plot.
Though some big developers, like Bombay Dyeing, DLF and Rahejas have shown an interest, real estate consultants say the sale is not moving fast. The reason? The developer will not be able to use transfer of development rights (TDR) on this property because the plot falls in a corridor where TDR is banned by the Bombay High Court.
Since the developer will not be able to fully utilise the 70,000 sqm plus land, the offers are up to Rs190 to Rs200 crore. With a floor space index of more than 6 lakh sqft available, the plot can be developed either for residential or office purposes. “To realign the company in the highly competitive scenario, the company is looking at various avenues to increase productivity, and bring the business in line with companies in this sector. As a consequence, we are looking at selling the land and are expanding our operations in other parts of the state,” said the company spokesperson.
The sale of another industrial plot belonging to Bombay Oxygen is expected to be finalised shortly. Ten acres is expected to fetch almost Rs100 crore. LBS Marg is currently witnessing a major property boom. There is a huge demand for defunct industrial properties in this belt.
A few months ago, Oberoi Constructions bought the 19-acre Glaxo-owned Burroughs Wellcome plot in Mulund for Rs200 crore. In Bhandup, a 22-acre plot belonging to GKW was bought by Nayan Bheda of the Neptune Group for Rs101 crore. Recently, Mukand Ltd, a steel-maker, also sold a 25-acre plot at Kurla for Rs221 crore.
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