Mumbai:
K Raheja Corp, the construction firm controlled by C L Raheja, has bought a 1.4acre Worli plot for Rs 230 crore from multinational bank HSBC. The deal was registered on Tuesday , it is learnt.
HSBC had put the land for sale last year and had invited bids. “There were around half a dozen developers. The Raheja's bid was the highest,“ said a source.
A Raheja spokesperson declined to comment. CBRE, the global property consultant ap pointed to broker the deal, too refused to comment.
Property market sources said the Rahejas would be entitled to around 1.25 lakh sq ft to build on the plot, situated behind Glaxo and close to the TV tower at Worli. The developer is believed to have plans to build a high-end residential tower.Property prices in the area are t between Rs 40,000 and Rs c 50,000sq ft.
a “Given the slack market c condition, this transaction is an important one, considering t it's in the heart of the city,“ said Y a property market observer. p “Despite the slowdown in the i realty market, developers are s still willing to put in money for T plots in good locations.“ w Earlier, there were reports a that HSBC was looking at rais t ing over Rs 550 crore from the a sale of this plot.
f The transaction is one of the rare ones in this area because there are negligible plots available for development not counting the slum sprawls.
The last big transaction in the island city was in 2013 when YES Bank chief Rana Kapoor purchased a residential building on Altamount Road in south Mumbai for Rs 128 crore.The building, Kursheedabad, was jointly owned by Citibank and GlaxoSmithKline. In 2012, the Lodha Group bought a 17acre mill land in Lower Parel from DLF for Rs 2,750 crore. TNN
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