In one of the prime real estate deals in South India, Billionaire Jitu Virvani led Embassy Group has bought a 10 acre land parcel from pharma company AstraZeneca in Hebbal area in Bengaluru for Rs 255 crore, said a source in the know.
Embassy will pay about Rs 230 crore or Rs 23 crore per acre and pay rest as broker charges, registration charges etc, the sources said.
Embassy is looking to do either property development or a office park on the complex, the sources said.
When contacted, Virvani confirmed the transaction. AstraZeneca could not be contacted for comments.
A senior valuation expert said the price is fair given the prevailing prirces in the area which falls in North Bengaluru.
Embassy recently bought a part of a part of a SEZ in Chennai from SNP Infrastructure, reports said.
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