Prasanna Upadhyay

Mumbai, April 11: THE real estate market seems to be picking up with some major deals being finalised last month. Glaxo India Ltd has decided to sell a plot of land at Worli for a sum of Rs 40 crore.

Sources in the real estate business say that land measuring 6,555 sq yards at the Worli Estate will be sold to the HSBC. According to a Glaxo official, the company has signed a memorandum of understanding (MoU) with HSBC on March 29. Glaxo has proposed to sell the plot to the bank once it is approved by the Income Tax Department.

The official added that the plot was earlier used by Glaxo as a godown. It was leased to the bank about two years ago for a rent of Rs 60 lakh per month. The bank has set up its headquarters in the building.

In another major deal, Tata Internet Services Ltd has acquired a building at Andheri for a sum of Rs 31.75 crore. The building known as R&D is situated in the Nelco complex at Mahakali Caves in Andheri and comprises the ground and upper two floors.

The two floors measure 5,6682.09 sq ft while the basement measures 1,818.73 sq mts with the car parking space.

The building was owned by Nelco Ltd.
A Tata Internet Services Ltd official said that the corporate and data research department will be operating from the building. The Securities & Exchange Board of India (Sebi) has also bought a plot of land at Malad. The cost of the property measuring 4,000 sq metre at Malad village is Rs 20.28 crore. The plot earlier belonged to Havenkores Real Estates Pvt Ltd.

Some of the other deals include Shaw Wallace & Co Ltd’s acquisition of smaller plots, totally measuring 4821.69 sq metre at Chakala for a sum of Rs 12.5 crore. The property was bought from Hindustan Door Oliver Ltd.

Similarly, HDFC Ltd, situated at Ramon House at Backbay Reclamation, has taken over a commercial building with six floors totally measuring 36,000 sq ft at Oshiwara Garden Road, Goregaon (west) for Rs 5.8 crore. The building was bought over from New Standard Engineering Co Ltd.