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.
Related News Articles
Urbanization vs Nature: Can We Achieve a Balance?
As urbanization takes over, nature is being pushed to the sidelines. But can we find a way to balance development with greenery? Pune's development trajectory offers some insights.
100 Land Deals in First 9 Months of 2024, Delhi NCR Dominates with 32% Share
In the first nine months of 2024, a total of 100 land deals have been recorded across major cities, with Delhi NCR leading the pack with a significant 32% share. The real estate market has shown robust activity, driven by several factors including economi
Festive Season Ignites a Boom in India's Real Estate Market
The festive season is not just about joy and celebration; it's also fueling a significant surge in India's real estate market. This upward trend is transforming the housing sector and driving growth in related industries.
Bhiwadi Real Estate Market Struggles: Poor Infrastructure Hampers Growth
The real estate market in Bhiwadi has seen a significant decline due to poor infrastructure, rising pollution, and high land costs. Buyers are increasingly turning to Jaipur, where the market is thriving.
MahaRERA on High Alert: Show-Cause Notices Issued to Over 10,700 Housing Projects
Mumbai: In a significant move to regulate the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued show-cause notices to 10,773 'lapsed' projects registered with it since May 2017.
Vinhomes and Nomura Real Estate Group Sign Strategic Cooperation MoU
This partnership aims to leverage the strengths of both parties to provide the market with groundbreaking real estate products that meet international standards.