ABG Group in talks to sell its plot in Worli
ABG Group, a large business group which is based at Mumbai and having its business operations in different parts of the country is planning to sell its plot in Mumbai.
ABG group led by Rishi Agarwal is in talks with several real estate developers to sell the two-acre land parcel at Worli in Mumbai. The group may also consider entering into a joint development agreement with property developers.
Earlier, the group had planned to develop a commercial building on the vacant plot. However, the plan was scrapped out and now looking for prospective buyers. They had plans of developing the plot with nearly half the space for its head office.
For a residential project, the land parcel holds development potential of up to 170,000 sq ft. Currently, residential properties in Worli are offered in the price range of Rs 40,000 and Rs 45,000 per sq ft. The plot is located right opposite to the luxury hotel Four Seasons on Dr Annie Besant Road in Worli.
In recent times, Worli has become one of the prime localities in Mumbai which helps developers gaining higher revenue and rental values. It has become a prime location for residential property seekers as well as retail outlets and commercial establishments. The locality has gained such fame due to its proximity to IT/ITeS hub in Prabhadevi areas.
The main reason for reformed real estate and huge supply of properties in Central Mumbai is the growing IT/ITeS-BPO sector. Central Mumbai is settled with infrastructure coming in place and in the long term will give a very good return.
The land is owned by ABG Resources, an ABG Shipyard group company. The revenue which the company will earn will be used to pay some shares of debts.
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