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An arm of Indiabulls Real Estate has emerged as a highest bidder for a 7.22 acre plot of Voltas in Thane area, on the outskirts of Mumbai, in an electronic biding held today, said sources in the know.
It quoted a price of Rs 236 crore or Rs 32.68 crore per acre.
Voltas is yet to confirm the bid. Many developers participated in the bidding. Indiabulls plans to build a premium residential towers on the plot, source said.
Another Indiabulls group firm recently bought a plot in Chennai for Rs 600 crore.
According to consultants, price quoted by Indiabulls is in line with market prices. In April this year, KEC International sold 7.3 acres to Tata Housing for Rs 211.7 crore or Rs 29 crore per acre.
In the same month, the Lodha group bought an 88-acre lot in Thane for Rs 1,154 crore (Rs 13.11 crore an acre) from chemicals producer Clariant India.
