In Mumbai, Rs 4,053 cr for 25,000 sq metre
A 25,000-sq-m plot in Wadala has attracted a sky-piercing bid of Rs 4,053 crore to the Mumbai Metropolitan Region Development Authority (MMRDA), the offer coming after a two-year slump in the realty market.The winning bidder, Lodha Crown Buildmart Pvt Ltd, has quoted a price of Rs 81,818 per sq m of the permissible built-up area on the plot, which the MMRDA had earlier earmarked for an iconic tower.
If the deal goes through, it will be the country's highest land transaction ever. The Delhi-based BPTP had quoted Rs 5,006 crore for a 95-acre plot put up for sale by the Noida Authority, but the deal soon fell through.
With the payment model allowed for the Wadala plot -five years at 10 per cent compound interest the total amount that the developer will shell out works out to a staggering Rs 5,700 crore.
The aggressive bid by Lodha group comes ahead of the launch of its initial public offering (IPO). The deal is unprecedented in terms not only of the price offered but also of floor space index (FSI) a whopping 19.8 offered on the plot against the standard of 1.33.
"This is an iconic bid for us. The price offered works out to more than double the MMRDA's reserve price of Rs 40,000 per square metre," said MMRDA additional commissioner S V R Srinivas.
He added the aggressive bidding is justified in view of the expected boost to connectivity in the area. "Both the monorail and the Eastern freeway, which will make the area more accessible, will be commissioned next year. After that, Wadala will be a hot cake for real estate," said Srinivas.
Rolling back its plans to build a 101-storey iconic tower, the MMRDA decided a few months ago to sell the plot to private developers who could then build a tower. Granting further leeway, the MMRDA soon said the winning developer was free to build multiple smaller structures instead of a sole tall tower.
The FSI boost entitles the developer to a total built-up area of 5 million sq ft. Taking the super-built-up area into account, the final saleable component will go up to as high as 8 million sq ft, which will translate into an astronomical profit.
Lodha Group director Abhishek Lodha said the company plans to build a residential project on the plot. "We haven't yet drawn up plans as to whether the project will have a single tall tower or several structures but we plan to launch the project at Rs 13,000 per sq ft," said Lodha.
The existing residential rates at Wadala are around Rs 8,500 per sq ft, which could be hiked after the deal. Over the last few months, Ajmera Developers have increased their rates at the Bhakti Park project to Rs 13,000 a sq ft. Real estate sources, however, say they have been unable to sell flats at the increased rates.
http://www.dnaindia.com/money/http://economictimes.
No comments:
Post a Comment