Wadhwa Group buys 18.18-acre plot in Ghatkopar for Rs571 crore
19 Jan 2010
The largest land transaction in the city in over a year finally concluded on Monday with the Mumbai-based property developer Wadhwa Group buying an 18.18-acre Ghatkopar plot belonging to the Hindustan Composites Ltd (HCL) for Rs571 crore.
According to sources, Vijay Wadhwa, chairman of Wadhwa Group and Hindustan Composite chairman Raghu Mody inked the deal at their solicitor's office at Parel on Monday.
HCL informed the Bombay Stock Exchange about the deal later in the day.
The pay order for the total amount was handed over to the company and the developer is expected to take possession of the land which housed an asbestos plant, soon. The plant which shut down was relocated to Aurangabad by HCL.
The prime land located on LBS Marg in Ghatkopar had attracted a number of buyers over the past few years and in 2008, the Suresh Raheja-led K Raheja Universal had nearly snapped up the land for a consideration of Rs700 crore. But when the property market fell, the deal failed to materialise.
According to a Wadhwa Group spokesperson, a residential project has been planned on the land. The project will be launched on 31January the source added.