24.5 acre land being looked by potential buyers
Several top real estate developers are in the hunt for a 24.5-acre parcel of land in suburban Mumbai being sold by its owners, Crompton Greaves Ltd, for around Rs 1,000 crore. Runwal Group, Lodha Group, Oberoi Realty Ltd, Mahindra Lifespace Developers Ltd and Kalpataru Group have been shortlisted as potential buyers, with Runwal Group leading the deal, said several people familiar with the transaction.
There is no formal bidding and the deal is happening through private negotiations. All the parties have submitted their prices and conditions. The board (of Crompton Greaves) will take a call on the buyer said one of the people mentioned above. Real estate firm of Jones Lang LaSalle is the advisor to the transaction. The land, which is used for the industrial purposes, is located in Kanjurmarg area that is dotted with residential projects but is also an upcoming commercial office area.
It would take some time for the deal to finalise. Probably the land will be used for industrial purposes. However some of the potential buyers are also eyeing the land for residential projects as it would be a sprawling location for a residential project.
Source: Mint
Kalpataru Group, Lodha Group, Mahindra Lifespace Developers Ltd, Oberoi Realty Ltd, Runwal Group
