Lodha group buys Clariant Chem land
The Mumbai based Lodha group has acquired Clariant Chemicals’ 87-acre plot of land in Thane, Mumbai for Rs. 1,154 crore. The deal was announced by Indian arm of Switzerland-based Clariant International in a filing to BSE. The company had the approval of shareholder to sell the parcel of land. The sale is subject to regulatory and government permissions and approvals. Lodha group plans to develop residential projects on the land and is confident of getting required approvals within 12 to 18 months.
Abhinandan Lodha, Deputy Managing Director, Lodha Group said he is optimistic about the strong and sustained demand for residential homes in Mumbai. The group has over 20 projects in Mumbai, London, Pune and Hyderabad and is currently developing over 35 million sq ft of prime real estate.
In the past 12 months, other notable properties acquired by the group include the 17-acre Mumbai Textile Mills parcel from DLF for Rs.2,700 crore, and the landmark Washington House property from the US Government, on Altamount Road in Mumbai, for Rs. 342 crore.
Source: Hindu Business Line
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