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A 25,000-sq-m plot in Wadala has attracted a sky-piercing bid of Rs 4,053 crore to the Mumbai Metropolitan Region Development Authority (MMRDA), the provide coming immediately after a two-year slump in the realty market. If the deal goes through, it will be the country’s highest land transaction ever. With the payment model permitted for the Wadala plot -5 years at ten per cent compound interest is the total quantity that the developer will shell out functions out to a staggering Rs 5,700 crore. The Delhi-primarily based BPTP had quoted Rs 5,006 crore for a 95-acre plot place up for sale by the Noida Authority, but the deal quickly fell via. The aggressive bid by Lodha group comes ahead of the launch of its initial public providing (IPO). The winning bidder, Lodha Crown Buildmart Pvt Ltd, has quoted a price tag of Rs 81,818 per sq m of the permissible built-up region on the plot, which the MMRDA had earlier earmarked for an iconic tower.
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