Prime land deals expected this year despite slowdown
Good land assets in Mumbai will always attract a premium and not lose value even in a dull market
Jul 15, 2013
Source : The Times of India

 

MUMBAI: The sluggish economic climate notwithstanding, big-ticket land sales are expected to see a spurt this year as some aggressive developers look to buy plots in anticipation of a revival of the property market.

A number of prime land parcels will be on the block even as high prices deter property buyers from blocking their funds, said real estate consultants. While listed developers are cautious about land purchases over funding and high debt concerns, privately owned ones like Lodha and Piramal Realty are more aggressive, even if the land is at a premium to the current market price.

“Good land assets in Mumbai will always attract a premium and not lose value even in a dull market,” Sanjay Dutt, MD ( South Asia) of Cushman and Wakefield India, said.

Specialist chemicals major Clariant is expected to put its 88-acre plot on Kolshet road in Thane on the market in six months for over Rs 1,200 crore. Clariant has shortlisted a consultant. Clariant will put the plot on the market after getting statutory approvals from authorities-one of these is the collector, the owner of some portion of the land.

Clariant Chemicals said in an e-mail statement: “The company has neither initiated any process nor taken any decision to sell its land in Thane.”

In 2005 and 2010, Clariant sold 60 acres of erstwhile factory land at Balkum village in Thane to Kalpataru Group for about Rs 300 crore.

Infrastructure firm Gammon India is thinking of selling or entering into a joint agreement to develop its 185-acre Dombivli property to pare down its debt by Rs 2,000 crore. The firm is learnt to be in talks with developers like Lodha and Runwal. Gammon had bought the erstwhile PAL Peugeot land for Rs 726 crore at a 2011 court auction.

Another deal, on a five-acre plot of the Great Eastern Spinning and Weaving Company Ltd in Byculla, jointly owned by Mahindra Developers and the Kanoria family, is likely to be finalized by next month for over Rs 500 crore. Bidders in the fray include Lodha Group, Piramal Realty and Peninsula Land. The Oberoi Group, though cash-rich, backed out as it found the price high.

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