Bombay Dyeing sells Worli building to Axis Bank for Rs 782 crore | business | Hindustan Times
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Bombay Dyeing sells Worli building to Axis Bank for Rs 782 crore

business Updated: May 21, 2010 00:58 IST
Naresh Kamath
Naresh Kamath
Hindustan Times
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In one of the largest transactions in recent times, Bombay Dyeing has sold a four lakh sq feet office building in Worli to Axis Bank for a staggering Rs 782 crore.

Axis Bank plans to shift its corporate headquarters from Cuffe Parade to this eight-storeyed tower located within the Bombay Dyeing mills compound.

Durgesh Mehta, joint managing director, Bombay Dyeing, confirmed the deal has been struck, but refused to reveal the amount.

“We are bound by an agreement not to disclose the amount, but it is one of the biggest transactions,” Mehta told Hindustan Times.

The deal works out to approximately Rs 19,500 per sq feet.

Mehta said the construction is nearly complete and the bank would get possession of the building in July.

Real estate experts said it’s one of the biggest deals in recent times.

“You hardly get such large spaces in the city and the amount is good. It is a good deal for both parties,” said Pranay Vakil, chairman, Knight Frank India, a leading real estate consultancy firm.

The deal was under negotiation for several months before it was sealed this week.

Of late, Bombay Dyeing has shifted its focus from textiles to real estate as it has sprawling mills lands in Worli and Dadar.

Shree Nath Commercial and Finance Ltd has informed the Bombay Stock Exchange that it is expected to earn Rs 23.5 crore as gross brokerage fee from the sale.