Kalpataru Builders has purchased 4.5 acres of land in a busy Mulund area for close to Rs 200 crore in one of the biggest real estate deals in the suburbs in Mumbai, a source said.
"Kalpataru builders has signed an agreement to buy 4.5 acres of land in Mulund that belongs to Schrader Duncan Ltd, a leading manufacturer of tyre tube valves and accessories," the source close to development told PTI in Mumbai.
The total land area is a little over 1.5 lakh square feet with a floor space index (FSI) of 2, the source said.
Kalpataru Builders, however, did not reply to e-mail queries seeking confirmation of the deal.
The land owner, Schrader Duncan Ltd, had shifted its automotive plant from Mulund to Ranjangaon, in Pune, in 2009, where commercial production has already started.
Before that, the company had shifted its pneumatic division from Mulund to Mhape, in Navi Mumbai.
According to a filing to the BSE, the company had sold 2 acres of land located at the backside of the property for Rs 28 crore in December, 2006, to fund its new plant.
Schrader Duncan is a joint Venture between Delhi-based Industrialist JP Goenka and Schrader Bridgeport International Inc, USA, which is a subsidiary of global engineering and manufacturing group, Tomkins PLC, UK.
Despite several attempts, JP Goenka could not be contacted.