Piramal Suntek pays Rs75 cr for 2-acre Navi Mumbai plot
16 Oct 2010
In one of the biggest real estate transactions in Navi Mumbai, Piramal Sunteck Realty Pvt Ltd bought a 2.03 acre plot at Airoli for Rs75 crore on Friday.
The bid by Piramal Suntech, a joint venture between the Ajay Piramal Group and Sunteck Realty, was over three times the reserve price quoted by the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO), the development authority for Navi Mumbai which conducted the auction.
Offering Rs91,116 per sq m, Piramal Suntek outbid its nearest rival, who quoted Rs88,900 sq m.
The company's executive director Khushru Jijina called it the best deal their company has ever bagged. ''Airoli is one of the best locations in the city and we have got this land on Palm Beach Road,'' said Jijina.
''We may develop a luxury residential project spread over 2,75,000 sq ft on the plot and might launch the same as early as January,'' Jijina added.
Airoli is considered to be one of the most developed areas in Navi Mumbai, with proximity to both Thane and Mulund.
