MMRDA had set a reserve price of Rs50,000 per sq metre (for a minimum price of Rs1,980 crore) for the property. The plot, situated at Wadala in central Mumbai, has a permissible built-up area of 4,95,000 sq ft and 14 top property developers were in the fray
The MMRDA (Mumbai Metropolitan Region Development Authority) today auctioned a 25,000 sq metre commercial plot at the Wadala Truck Terminal (WTT). The Lodha Group won the bid at Rs5,723 crore. The developer will pay 10% of this amount upfront and the balance will be paid over five years at an interest rate of 10%. The plot has a permissible built-up area of 4,95,000 sq metre and the developer is allowed 19.8 FSI on the plot of land. It will be given out on a 65-year lease.
“Lodha Developers won the deal at Rs5,723 crore with interest. We are also granting 19.8 FSI to the developer,” said SVR Srinivas, additional metropolitan commissioner, MMRDA.
MMRDA had set a reserve price of Rs50,000 per sq metre and was seeking a minimum price of Rs1,980 crore for the property. It was finally sold at Rs81,818 per sq metre. There were 14 bidders in the fray: Sheth Infrastructure Ltd, Shriram Urban Infra Ltd, DB Realty, Reliance Infra, Bhakti Realty, Indiabulls, Parinee Developers, Godrej Pvt Ltd, Ackruti Ltd, Sunteck Realty, Gaurhati Estate, Lodha Crown, Raheja Universal and Acne Housing. Out of these bidders, apparently only four turned up for the auction. Sources told Moneylife that Sunteck had bid Rs70,002 per sq metre and Indiabulls had bid Rs67,222 per sq metre.
“It is too high a price that the developer has paid for this land. However, the winner has got more built-up area to construct and the location of the land is not in a crowded place and hence construction with high FSI can easily come up,” said Pankaj Kapoor, founder, Liases Foras.
Moneylife had earlier reported (http://www.moneylife.in/article/8/3991.html) on how MMRDA had failed to attract bidders for a prime commercial real-estate property deal in the Bandra-Kurla Complex (BKC) due to the high price quoted by it. There were around eight prospective bidders—including developers and banks—in the fray.
Currently, residential prices of properties in Wadala are around Rs8,000 per sq ft-Rs12,000 per sq ft.
Marico Ltd said its unit Kaya Ltd bought the aesthetics business of the Singapore-based Derma Rx Asia Pacific Pte Ltd. No price details were provided.
Kaya delivers skin care solutions in India and overseas through its range of Kaya Skin Clinics. Derma Rx, led by one of Singapore eminent aesthetic physicians, Dr SK Tan, has three centres in Singapore and one in Kuala Lumpur.
The acquisition would provide Kaya access to an advanced range of skin care products and a strong sourcing network, including suppliers of products from developed nations. It would also enable Kaya to increase its share of revenue, from sale of products, to over 20% from the current level of about 13%.
On Tuesday Marico shares ended 4.33% down at Rs100.45 on the Bombay Stock Exchange, while the benchmark Sensex closed 2.71% down at 16,022.48 points.
The project would be developed on an 18-acre land at Lower Parel that DLF bought from National Textile Corporation (NTC) in 2006 for Rs702 crore
Realty giant DLF is planning to build a 90-storey tall super luxury housing project, which it estimates will fetch Rs15,000 crore, in this space-starved city, reports PTI.
Each apartment here is expected to cost Rs5-Rs10 crore and would make it one of the country's tallest and most expensive housing projects, sources said.
DLF is looking to launch next month this project at Lower Parel (central Mumbai), where over 2,000 super-luxury homes would be spread vertically over 90 floors. Of this, the first 17 floors would be reserved for parking and there would be a king-size garden on the 18th floor.
The project would be developed on an 18-acre land at Lower Parel that DLF bought from National Textile Corporation (NTC) in 2006 for Rs702 crore. It would have a total saleable area of about five million sq ft, comprising of multiple towers, each 90-storey tall.
DLF has yet not fixed the selling price of the units and the same would be determined after the market survey, sources said, adding that the company expects a sales realisation of Rs12,000-Rs15,000 crore from this high-end project.
When contacted, DLF spokesperson declined to divulge the details of the project.
"We are not in a hurry to launch this project. As we see the market improving, we are waiting for the right time to launch this project to have a better realisation," he added.
However, in the analyst presentation earlier this month, the company had mentioned that Mumbai-NTC mills project will be launched this year.
The launch of this project follows robust response from customers for its prestigious project 'Capital Green' in the national capital.
In March this year, DLF launched the third phase of its prestigious project 'Capital Green' in central Delhi. It had offered 150 luxury flats with a price tag of Rs4 crore per unit. The selling price was fixed at Rs11,000 per sq ft.
The company had last year launched the first and second phases with 1,400 and 1,250 units, respectively.
DLF had also launched a housing project at Panchkula and booked more than 1,200 flats within a week.
Overall, in 2009-10 fiscal, DLF sold 12.5 million sq ft of area in housing segment with a sales realisation of 7,150 crore. This fiscal, it is targeting to sale 15-18 million sq ft of area.