India's Biggest Real Estate Deal in Mumbai

Published: August 10, 2010 at 10:55 AM | Author: Administrator
News Source: India Realty News

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India’s biggest real estate deal took place on Friday evening, with the National Textile Corporation (NTC) limited selling eight acres of Bharat Mills at Worli, for a whopping 1505 crore, meaning a single acre went for 188 crore. The highest bidder was Indiabulls, who won with a difference of 2 crore as Lodha had bid 1503 crore. The third highest was Peninsula with 1409 crore.

This was followed by Tata for 1263 crore. The bidding list included the Oberoi and Videocon groups. Vipul Bhansal, CEO, Indiabulls said, “We are glad to have emerged as the successful bidder. This will enable us to continue our journey of delivering very best in its class product in Mumbai.”

This is the same land that the state government was interested to develop affordable housing on. However, NTC had then declined the offer. The state government was also ready to pay 750 crore for this land. Earlier this week, Indiabulls had won India’s costliest deal by paying 198 crore for an acre of Podar Mills. The 2.39 acre mills went for 474 crore.