Blockbuster deals dot realty space- The Economic Times
Blockbuster deals dot realty spaceAdd to Clippings
TIMES NEWS NETWORK[ MONDAY, SEPTEMBER 11, 2006 04:06:37 AM]
NEW DELHI: The real estate mart has seen 11 major land transactions in the last one year crossing Rs 6,000 crore. Whether it is DDA’s recent auction of 61 plots for Rs 188 crore — way higher than the reserve price of Rs 70 crore, or the largest ever land deal —Unitech’s Rs 1,583 crore bid for 340 acres in Noida, it is action time in realty with more expected in future, say market watchers.
Unitech’s Rs 1,583 crore bid for a city development contract on Noida Expressway remains the leader among all land transactions. The record deal saw Unitech pipping DLF which had bid Rs 1,401 crore for the land.
The previous recordholder for the biggest ever land deal was Reliance Industries, which a 7.5 acre plot acquired in Mumbai’s Bandra Kurla complex for Rs 1,104 crore. Struck in January this year, the deal saw Mukesh Ambani outbidding DLF, Gammon India, Emaar MGF and Anil Ambani’s Reliance ADA Group, then ADAE.
In August, Delhi Development Authority raised Rs 188 crore from the auction of 61 residential plots in six locations, way higher than the reserve price of Rs 70 crore.
Mumbai has been the hotbed of action in the real estate market. Earlier this year, the Supreme Court had ruled in favour of sale and development of 600 acre belonging to sick textile mills in the city. Some of those mill transactions make the cut for the major deals in the last one year or so.
Among these are Lodha Builders’ Rs 180 crore-bid for Apollo Mills and DLF’s Rs 702-crore purchase of Mumbai Textile Mills, Matoshree Realtors and Kohinoor Group’s joint bid of Rs 421 crore for Kohinoor Mills —all in June last year and IndiaBulls’ Rs 441-crore bid for Elphinstone Mills in July last year.
Other major deals include Parsvnath Developers clinching 123-acre in Chandigarh for Rs 821 crore in June this year, Oberoi Constructions‘ Rs 221 crore bid for the 23-acre Glaxo plot in Mulund, Mumbai, Kshitij Ventures’ Rs 221 crore purchase of a 25-acre Kurla plant and Rs 209-crore purchase of a 6-acre plot in Kolkata by Emaar MGF.
“Indian property sector is witnessing heightened activity as a result of higher real estate prices and a genuine improvement in the underlying demand conditions,” according to a CLSA Asia-Pacific markets report.
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