DNA reports
MUMBAI: The season of big-ticket real estate purchases continues. On Wednesday, the Orbit Group bid for and won a two-acre (93,000 sq ft) plot owned by Gujarat Ambuja Cement at Kalina for an astounding Rs333 crore.
Orbit’s offer beat the Rs331 crore pitch by Wadhwa Builders and the Rs304 crore proposition by Kalpatru Developers. The price per sq ft (psf) works out to about Rs20,000, which is higher than the rate for the last sale at the Bandra Kurla Complex. Mukesh Ambani’s Reliance Industries had quoted Rs18,000 psf last year for 65,000 sq ft.
Explaining the high bid, Pujit Aggarwal, Orbit Group managing director, said, “The office rental market is booming. In the past few years, we have received offers from finance companies which are willing to pay between Rs250 and Rs400 psf.”
Besides, office space at the BKC is being quoted at between Rs28,000 and Rs30,000 psf. “Considering the plot’s proximity to the BKC and the shortage of good quality commercial buildings, we are confident of commanding a good price even if we decide to sell space outright,” he said. Orbit can develop up to 4 lakh sq ft of space on the land.
The deal comes as good news to the Mumbai Metropolitan Region Development Authority, which auctions plots at the BKC. The MMRDA is scheduled to call for bids for a similar-sized plot on March 21 and has set Rs18,000 psf as the reserve price. With a Kalina plot fetching almost Rs20,000, all eyes will now be on this
MUMBAI: The season of big-ticket real estate purchases continues. On Wednesday, the Orbit Group bid for and won a two-acre (93,000 sq ft) plot owned by Gujarat Ambuja Cement at Kalina for an astounding Rs333 crore.
Orbit’s offer beat the Rs331 crore pitch by Wadhwa Builders and the Rs304 crore proposition by Kalpatru Developers. The price per sq ft (psf) works out to about Rs20,000, which is higher than the rate for the last sale at the Bandra Kurla Complex. Mukesh Ambani’s Reliance Industries had quoted Rs18,000 psf last year for 65,000 sq ft.
Explaining the high bid, Pujit Aggarwal, Orbit Group managing director, said, “The office rental market is booming. In the past few years, we have received offers from finance companies which are willing to pay between Rs250 and Rs400 psf.”
Besides, office space at the BKC is being quoted at between Rs28,000 and Rs30,000 psf. “Considering the plot’s proximity to the BKC and the shortage of good quality commercial buildings, we are confident of commanding a good price even if we decide to sell space outright,” he said. Orbit can develop up to 4 lakh sq ft of space on the land.
The deal comes as good news to the Mumbai Metropolitan Region Development Authority, which auctions plots at the BKC. The MMRDA is scheduled to call for bids for a similar-sized plot on March 21 and has set Rs18,000 psf as the reserve price. With a Kalina plot fetching almost Rs20,000, all eyes will now be on this
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