Finolex Industries sells leasehold rights of 25 acres of land in Pune for ₹470 crore

The total area of the Pune land parcel is 25.27 acres. A stamp duty of ₹23.52 crore has been paid on the transaction, the documents showed.

Published on: Apr 9, 2024, 20:40:33 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

Finolex Industries has sold its leasehold rights of 25 acres for ₹470 crore to Terra Vista Developer in Pimpri, Waghere, Pune, documents accessed by CRE Matrix showed.

Finolex Industries has sold its leasehold rights of 25 acres for more than ₹470 crore to Terra Vista Developer in Pimpri, Waghere, Pune, property documents showed. (REPRESENTATIVE PHOTO)

This concerns all the pieces and parcels of MIDC leasehold land … and structures on it situated in Pimpri Industrial Area, Pimpri Waghe, Takula Haveli, Pune, according to the Deed of Assignment that was registered on April 3, 2024.

The land parcel was leased to the PVC pipes manufacturer by Maharashtra Industrial Development Corporation (MIDC), the documents showed.

Also Read: At least 97 land deals for more than 2700 acres closed across the country in 2023

The total area of the land parcel is 25.27 acres. A stamp duty of ₹23.52 crore has been paid on the transaction, the documents showed.

Finolex Industries could not be reached for a comment.

Also Read: Real estate developers acquire 1,947 acres of land valued at ₹32,203 crore in CY2023

In 2022, Microsoft Corporation (India) had acquired 10.89 lakh sq ft of commercial plot in Pune from Finolex Industries for a consolidated amount of ₹328.84 crore. The commercial plot located at Pimpri Waghere in Pune had been acquired through an agreement with Finolex Industries to transfer the lease for ₹328.84 crore.

Also Read: Tiger Shroff buys property in Pune for ₹7.5 crore; leases it immediately for ₹3.5 lakh per month

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Real Estate News

Stay updated with the latest Real Estate News, property prices, housing trends and major projects. Explore market updates, investment insights and property developments across India.