Track2Realty: A three-acre plot in Andheri owned by Nycomed Pharma has been sold for around Rs 205 crore, or Rs 65 crore an acre. Mahindra Lifespaces, part of the Mahindra Group, has purchased the 12,000-sq m plot that currently houses a bungalow, two guest houses, a research and development facility and an electric sub-station.
An erstwhile Swiss pharmaceutical company, Nycomed, was acquired by Takeda, a Japan pharmaceutical research company in 2011. Sources close to Mahindra confirmed the deal saying a formal agreement would be signed after land and legal documents are finalized in the coming weeks.
Mahindra Lifespaces refused to divulge more details saying, “We keep looking at various opportunities that come up in our target markets.”
Real estate experts say the deal works out at approximately Rs 6,000 a sq foot. The plot has a development potential of 5 lakh sq ft under the new building planning rules framed by the civic body. Mahindra is planning to set up a high-end residential complex on the plot.
Developers like Kanakia and Sheth are selling under-construction flats at Rs 8,000 to Rs 9,000 a sq ft against the quoted rate of Rs 10,000 a sq ft.
Mahindra won the bid by beating other five bidders, including Larsen & Toubro Realty, who quoted between Rs 170 crore and Rs 203 crore, sources said.
“Though property prices are on the wane, there is still an appetite for clear land parcels from cash-rich corporates/developers. Further, the plot’s proximity to Powai, an upscale residential locality, and the fact, majority of the corporates have relocated their offices to suburbs like Andheri makes it an attractive deal,” maintains a real estate expert.
