Saturday, 24 March 2012

News Hour-DLF in talks to sell Mumbai land, Piramal Realty, Oberoi Realty in race: Sources

DLF is back in the market to sell it's prime land in Mumbai's Lower Parel area. The company is in close talks with a consortium of developers who have offered to pay Rs 2500 crores for the land parcel, sources said.
Consortium includes Mumbai-based developer Vallabh Sheth and Pune-based builder Avinash Bhonsale. A well diversified group with realty business may also join the group for funding purposes.
The consortium of developers has offered to pay Rs 2000 crores over a period of two years and have offered to pay Rs 500 cr in case the FSI (floor to space Index) is enhanced with necessary approvals. The Lower Parel land is a huge parcel of 17 acres with around 3 million square feet of developable area.

Also in the race are Piramal Realty, Oberoi Realty and many other developers who have eyed DLF's property but the deal has not fructified as none of the offers have matched up to the valuation expectations of the company, sources said.

All the parties involved have declined to comment of the developments. The land parcel was bought by DLF from NTC for Rs 700 cr in 2005.

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