German power equipment and transmission major Siemens, which had put up an 8-acre plot of land in Bangalore on the block last September, is learnt to have got a top bid of R400 crore from Bangalore-based developer RMZ.
Several other bidders including Hiranandani Upscale and Nitesh Estates had participated in the bidding process.
Siemens will finalise the deal after obtaining board approval. When asked about why the land was being sold, Siemens told HT in an email, “Siemens has put one of its properties in Bangalore on sale as part of a regular exercise of reviewing its assets for optimum utilisation and consolidation of business synergies.”
The company is selling its non-core real estate assets in India, from time to time. In 2009 Siemens had raised R50 crore by selling 13 premium apartments in Mumbai.
It is learnt that RMZ plans to develop a residential complex on the land in question.
This is one of the biggest real estate deals in Bangalore in recent times. The city’s property market had peaked between 2007-2009 before dipping, though prices have been stable for the last six months.
Bangalore’s biggest property deal in recent times was the purchase of 135 acres by Hiranandani Upscale, an offshoot of Mumbai-based Hirco, for R 500 crore in 2009.