Property market sees Rs 500-cr deals in Oct

Prasanna Upadhyay

Mumbai, Nov 20: The real estate market witnessed a spurt in activity in the month of October, with deals entered into totalling over Rs 500 crore in the last one month.

Industry experts said that this could give a little buoyancy to the industry which has been lull for the last couple of months. In the biggest deal, Global Trust Bank (GTB) acquired property in the western suburbs at Marol in Andheri for a consideration of Rs 74 crore.

According to the company, the land measuring 4,468 sq mts at Marol Village and 1,763 sq mts at Saki Naka has been acquired from Killick Financial Services Ltd. The company said that the property has been acquired in lieu of a loan given to Killick Financial Services Ltd. The official added that GTB may sell the acquired property as it does not have any concrete plans for the plot at the moment.

In another major deal, Sheth Developers Ltd has signed a deal for a plot of land with Pradhan Properties & Others for a sum of Rs 47.62 crore. According to industry sources, Sheth Developers would have development rights in respect of land as well as the structures situated at village Magathane in Borivali. The land measures 61,682 sq mts.

The Aditya Birla group also figured in the list of the deals last month. Grasim Industries Ltd sold a plot at MIDC in Andheri to another group company Birla Technologies for a consideration of Rs 29.4 crore. The plot situated in the Marol Industrial Area measures 1009 sq mts.

Philips India Ltd also sold a part of the office space at Boxband House at Worli for a consideration of Rs 13.83 crore. According to Philips India officials, the company has disposed a part of the second and third floor of the building for the above sum.

The official added that the company still retains a part of the ground and first floor of the building. The Worli office measuring 50,000 sq ft has been valued at over Rs 70 crore and was up for sale since last year. The company said that Philips wanted to have a single state-of-the-art front office for all businesses.