In one of the biggest real-estate transactions in recent times, Mafatlal Industries has sold a 7.6-acre plot in Byculla to Gliders Buildcon, a subsidiary of Piramal Realty, for Rs 605.80 crore.
The price is, however, considerably lower than the Rs 1,000 crore that the owner had quoted earlier. The plot, adjoining the Byculla zoo, was cleared for sale by Mafatlal’s shareholders earlier this week.
“The plot is best suited for mixed-use development [both residential and commercial],” said Piramal Realty managing director Khusru Jijina. “This land parcel is a mere 15 minutes from Victoria Terminus, 30 minutes from Bandra-Kurla Complex via the new bridge in Parel and 10 minutes from Mumbai Central and Mahalakshmi.”
Jones Lang Lasalle India, the realty consultancy firm that brokered the deal, said it was one of the best transactions in recent times. “Piramal has bagged an excellent piece of land at a competitive rate,” said CEO (Business) Sanjay Dutt. “Here, quality development in the form of a mall, business hotel or luxury housing project can easily be undertaken.”
Dutt added that the plot had the potential to generate about 1 million sq ft of saleable area.
The erstwhile British government originally gave the 14.5-acre plot to Mafatlal in 1913, on a 99-year lease that was scheduled to end in 2012.