Crompton Greaves sells Mumbai land for Rs 496 crore

That's Rs 38 cr an acre or Rs 8,767 a sq ft; experts says it is a good deal as prices are Rs 10,000-12,000 a sq ft

Capital goods company Crompton Greaves today said it has sold 53,000 square metres or 13 acres of land in Kanjur Marg area of Mumbai to Runwal group for Rs 496.48 crore.

The deal value comes to around Rs 38 crore per acre or Rs 8767 per square feet and property experts feel it is a good price given that property prices are between Rs 10,000 sq ft to Rs 12,000 per sq ft.

Last year, Crompton Greaves sold 24.7 acres of land in the same area for Rs 1020 crore or Rs 41.29 per an acre and prelaunched a residential project in the area.

 

Crompton Greaves is relocating its factory on the land to Gujarat. Its stock went up 4.84 per cent to Rs 189.55 today.

Despite dull property markets, a number of deals have happened in the country recently. Kumar Mangalam Birla bought Jatia House in Malabar Hill area for Rs 425 crore. Another billionaire Cyrus Poonawala bought iconic Lincoln House for Rs 750 crore.

Even commercial property deals have picked up. Multiplex player Carnival group bought a commercial project in Chandigarh from engineering and construction major Larsen & Toubro (L&T) for Rs 1,785 crore. And in the second, pharma major Abbott purchased 0.43 million sq ft of space from Godrej Properties in Mumbai's Godrej-Bandra-Kurla Complex (BKC) for Rs 1,479 crore.