GVK in big Mumbai land sale | india | Hindustan Times
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GVK in big Mumbai land sale

Mumbai International Airport Ltd, a consortium led by infrastructure major GVK is planning to sell around 70 acres of land in Andheri area of the metropolis in tranches, with a first tranche of 10 to 12 acres. Industry experts put a total price of the land parcels anywhere around Rs 5,000 crore.

india Updated: Jun 24, 2011 21:19 IST
HT Correspondent

Mumbai International Airport Ltd, a consortium led by infrastructure major GVK is planning to sell around 70 acres of land in Andheri area of the metropolis in tranches, with a first tranche of 10 to 12 acres. Industry experts put a total price of the land parcels anywhere around Rs 5,000 crore.

The first tranche of land would be sold within a year after government permissions are received, said a top executive with GVK. The 10 to 12 acre of land parcel in Andheri commands an estimated price of around R800 crore.

The company is planning to put about 60 acre land parcels on the block in the same area within next three to four years, said Anil K Pandit, president, real estate, GVK. “There are some permissions that we are seeking from the government and once that is done we would sell the land in tranches. The land sold is apart from the one that has a slum on it,” said Pandit who was speaking on the sidelines of CII real estate conclave.

Officials say bids for the land would be invited only after the land gets a clear title.

Industry experts are little cautious about the land parcels. “The land that GVK is planning to sell is very close to the airport and worse close to the runway. So a buyer would discount the price for that. But then in Mumbai real estate market does not work on logic or any set principles but emotions,” said head of an international real estate consultancy who did not want to be named.