Birla and Wadia Families Bury the Hatchet with Rs 1,100 Crore Land Deal
Birla Estates to acquire 10-acre plot in Mumbai's mill district from Nusli Wadia for Rs 1,100 crore, signaling a truce between the two families.
BirlaWadiaReal EstateMumbaiLand DealReal Estate NewsSep 10, 2024
The matter was pending in the courts, with Nusli Wadia moving the courts in 2009 over the use of the land, which was leased by his great-grandfather to Century for a period of 999 years. In 2007, a textile mill on the land was shut down and the Wadias had stressed on getting an approval for a change in land use. In 2010, a local court stayed any developments on the plot.
However, with the Birlas' move to launch a new realty project, the Wadias issued a caution notice to the public asserting its control over the 10-acre parcel, and the Birlas also said that the parcel was not part of the development offered to the public.
The deal paves the way for a 30-acre contiguous landholding in this prime area with an overall booking value potential of approximately Rs 28,000 crore. Birla Niyaara, the flagship project launched by Birla Estates on the plot, has already notched sales of Rs 5,700 crore since its launch.
Frequently Asked Questions
What is the value of the land deal between Birla and Wadia?
The land deal is worth Rs 1,100 crore.
What is the size of the land parcel being acquired by Birla Estates?
The land parcel is approximately 10 acres in size.
What is the booking value potential of the land parcel?
The booking value potential of the land parcel is approximately Rs 14,000 crore.
What is the name of the flagship project launched by Birla Estates on the plot?
The flagship project is called Birla Niyaara.
What is the current market value of the Bombay Dyeing scrip?
The Bombay Dyeing scrip closed 1.23 per cent up at Rs 210.65 apiece on the BSE on Tuesday.
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