Swiss chemical giant Clariant sold its 87 acre land parcel at Kolshet in Thane to Lodha Group for Rs 1,154 crore. The plot has a development potential of nearly 6 million square feet. Before that, Oberoi Realty and Tata Housing went shopping for Mumbai land.
Sanjay Dutt, Executive MD, Cushman & Wakefield (South Asia) believes real estate prices have bottomed out in Mumbai. He says Lodha's recent big land deal signals a lot of on ground activities.
On Wednesday, Swiss chemical giant Clariant sold its 87 acre land parcel at Kolshet in Thane to Lodha Group for Rs 1,154 crore. The plot has a development potential of nearly 6 million square feet. Before that, Oberoi Realty and Tata Housing went shopping for Mumbai land.
"Between January to now, we have seen about Rs 3,000 crore worth of land sold in Mumbai," Dutt told CNBC-TV18's Sonia Shenoy and Latha Venkatesh.
According Niranjan Hiranandani, Managing Director, Hiranandani Group, there has been resurgence in demand and a lot of builders are looking for land parcels in the last 10-15 days. A part of the demand revival can also be attributed to expectations of a stable government at the Centre.
"We have about a 100 buyers on waiting who are just saying that 'let the election process get completed and (then) we are buying'. Now these are 100 people who have deposited cheques, kind of a token deposit to basically block a flat etc, but there are also others in line," Hiranandani told the channel.
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