Oberoi Realty, Kalpataru in race for Tata Steel plot
Consultants said the fact that Oberoi had no debt on its books and Kalpataru had low debt helped the two in the slow realty market
Mar 25, 2014
Source : Business Standard


MUMBAI: Real estate developers Oberoi Realty and Kalpataru have emerged front runners in a race to acquire Tata Steel’s 25-acre plot here.

The land, in the northern suburb of Borivali, is expected to fetch the Tatas about Rs 1,155 crore, making it the biggest deal in the city this year. At a floor space index (FSI) of 4.7 million sq ft, the cost works out to Rs 2,455 per sq ft. After including the payouts to the government, the deal would be at about Rs 4,000 per sq ft, according to a realty consultant.

FSI refers to permissible construction on a given plot of land.

“At Rs 1,155 crore, it will be a good deal, given that property rates are at around Rs 12,000-15,000 per sq ft,” said the consultant.

Tata Housing, Peninsula Land and software firm Tata Consultancy Services were among those in the previous round of bidding for the plot. But now, the race had narrowed to Oberoi and Kalpataru, said sources in the know. The winner was expected to build a premium residential tower on the plot, they added.

Senior executives at Oberoi and Kalpataru didn’t respond to text messages and calls. A mail sent to Tata Steel did not elicit any response.

Consultants said the fact that Oberoi had no debt on its books and Kalpataru had low debt helped the two in the slow realty market.

It is expected Mumbai will see a number of large-ticket deals this year.

Late last year, Dilipkumar Lakhi, a diamond merchant and the city’s highest individual taxpayer until a couple of years ago, bought Cadbury House, the India headquarters of Mondelez, for Rs 350 crore. The one-acre property, with 90,000 sq ft of saleable area, is on Peddar Road here.

Recently, National Centre for Performing Arts, the cultural organisation set up by JRD Tata and Jamshed Bhabha, had put the iconic Bhabha Bungalow here on the block for a reserve price of Rs 257 crore.

The US-based banking major Citibank plans to sell Citi Centre, its erstwhile headquarters in the tony Bandra-Kurla Complex (BKC) here. The eight-storeyed building, with about 90,000 sq ft of space, was expected to fetch about Rs 300 crore, as BKC commanded a price of about Rs 30,000 per sq ft, consultants said.


Latest Realty News

Panchshil signs brand licensing for premium residential projects
Mar 25, 2014
PUNE: Pune-based real estate developer Panchshil Realty, has signed brand licensing agreement with another real estate Pune based developer Elite Landmarks to develop mid size apartments in Pune. According to Panchshil, this is a first-of-its-kind brand licensing in India.
CJI moves Cidco hotel plot case to another bench
Mar 25, 2014
MUMBAI: A Supreme Court bench, headed by the Chief Justice of India (CJI) P Sathasivam, on Monday requested a two-judge bench, headed by Justice Gyan Sudha Misra, not to hear a matter listed before it for a day after lawyers representing the City and Industrial Development Corporation (Cidco) complained of forum-hunting and sought de-tagging of its case.
Tata Steel’s 25-acre land parcel fetches Rs 1,155 crore
Mar 25, 2014
MUMBAI: Steel major Tata Steel's 25-acre land parcel in Borivali suburb of Mumbai has fetched the highest bid of Rs1,155 crore in an e-auction concluded late Monday, said three persons familiar with the development. Realty majors Lodha Group, Oberoi RealtyBSE -2.96 %, Kalpataru Properties and Tata Group company Tata Housing Development Co were in the race to acquire the property. It is believed that Tata Housing has offered the highest bid. However, this could not be confirmed independently.
Realty companies wake up to brand value, challenge infringement
Mar 25, 2014
MUMBAI: Real estate developers in India have started challenging possible infringement of their brand names established over the years, joining their counterparts in sectors such as pharmaceuticals and consumer goods that are known to make serious efforts to promote and protect their distinctive identities.
Mumbai flat buyers at mercy of property developers
Mar 25, 2014
MUMBAI: Flat buyers often find themselves at the mercy of property developers. Unscrupulous builders are known to suddenly turn around and demand additional money from purchasers when the time comes to hand over possession of the flat.
Routine civic work hit by poll duties tax recovery disturb AMC's routine work
Mar 24, 2014
AURANGABAD: The civic body's routine work has literally come to a standstill for the past few days with most of its officers and employees engaged in election duties.
IDFC Alternatives mops up ?750 crore for maiden realty fund
Mar 24, 2014
MUMBAI: IDFC Alternatives, a wholly owned subsidiary of infrastructure finance company IDFC, has raised Rs 750 crore from domestic investors for its maiden real estate fund. The performance, despite the slowdown in the economy, exceeded the company’s expectations.
Navi Mumbai: A rise in capital values in Nerul, Airoli and Palm Beach
Mar 24, 2014
MUMBAI: Looking to invest in Navi Mumbai? Nerul, Airoli and Palm Beach, are localities that offer property investments that garner constant returns. According to MagicBricks.com data, these localities have witnessed a hike of 12-19 per cent in capital values in the last one year. Property experts say that the clearance of the proposed Navi Mumbai Airport is the factor that has pushed property prices in these localities.
Realty’s online mantra
Mar 24, 2014
MUMBAI: When the great online shopping festival took place last year, where everything, from a pin to a plasma television (quite literally) was sold online, little did people know that they would end up buying expensive items like cars or even a home, for that matter, through that medium. Today, it is not uncommon to see niche and high-value categories, such as jewellery, automobile and real estate, featuring among the best deals online. According to a Google estimate, the online retailing marke
Urban Development Department,UDD,UDISSMT,Small And Medium Towns Scheme
Mar 22, 2014
AURANGABAD: With the current financial year coming to an end, principal secretary of the state urban development department (UDD) on Friday asked the heads of respective municipal bodies across the Marathwada region to improve the collection figures of various taxes. Till date, the collection figures through property tax stands at 47% and 32% through water tax.

Latest Realty News Of State

Realty Talk's