Old mill land sold for a fortune!
The National Textiles Corporation (NTC), which has reaped a windfall by selling off its properties in Mumbai since 2005, got another Rs 474 crore in its kitty in first week of August after Indiabulls Real Estate bagged the 2.3-acre Poddar mill at Worli Naka. The reserve price was fixed at Rs 250 crore.
For the first time ever, the NTC carried out an e-auction spread over three days. The property facing the Bandra-Worli Sea link was anyways expected to fetch a good price! The offer works out to more than Rs 200 crore per acre or more than Rs 25,000 per sq ft of saleable area. According to Knight Frank (India), the developer will probably set up a residential building and sell at the rate of between Rs 40,000 to Rs 50,000 a sq ft. Real estate continues to be crazy in Mumbai. With this kind of pricing, the flat will not be below Rs 5 crore for a two BHK and Rs 7-8 crore for a three BHK. Clearly, this is outside the affordability of someone who is making Rs one crore per year.
NTC also plans to sell another of its defunct mill, the eight-acre Bharat Textiles Mill, through the e-auction route which will end on August 6. A reserve price of Rs 750 crore has been fixed by the NTC. This mill is expected to fetch double the reserve price.
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September 22nd, 2010 at 10:09 pm
This is really interesting informaiton.Thanks for sharing this with us.
[Reply]
Sagar Reply:
September 29th, 2010 at 2:29 pm
Thanks FourEd…
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