Mumbai: Realty firm Lodha Group on Tuesday bagged a 25,000-square metre plot at Wadala here for Rs.4,050 crore, which is termed the costliest deal in the city so far.
Lodha Crown Buildmart, a part of the Lodha Group, has bagged the contract for the ambitious 101-storey iconic tower project of the Mumbai Metropolitan Region Development Authority (MMRDA).
When contacted, real estate consultant Jones Lang LaSalle Meghraj's spokesperson said the Rs.4,050-crore deal was the biggest for a single plot in Mumbai so far.
Four bids were received for the project and the Lodha Group topped the bid, the MMRDA said. While Lodha bid Rs.4,050 crore, Sunteck India bid Rs.3,465 crore, Indiabulls Real Estate Rs.3,327 crore and the Gaurhari Estate Rs.2,251 crore.
Lodha Group Managing Director Abhishek Lodha said the company was initially planning to carry out residential development on the site. “It is a huge project. At present, it is too premature to say how we would be developing the land. At this moment we are primarily planning to develop the site for residential purpose,” Mr. Lodha told PTI.
He said the group would enjoy the advantage of the upcoming monorail and metro rail both converging on Wadala.
Mr. Lodha said that the group would have to make an investment of Rs.400 crore for developing over 75 lakh sq.ft., which was the expected saleable area. — PTI