[India Property, Real Estate India] Parsvnath wins Delhi land bid for Rs 16.5 bn

[Noida Property 0]

Delhi Property

NEW DELHI/MUMBAI: Realtor Parsvnath Developers won the bid for a 38.3-acre (15.50 hectares) land in New delhi auctioned by Rail Land Development Authority (RLDA) for Rs 16.51 billion, a spokesman said on Thursday.

RLDA is a statutory authority, under the Ministry of Railways , set up to develop vacant railway Land for commercial purposes, its website said.

Indian Railways has about 43,000 hectares of vacant land. RLDA had fixed a base price of Rs 12 billion for the plot, Abhinav Bhandari, analyst at Elara Capital said.

"Assuming an FSI of 2.5, the company had bid at Rs 3,675 per square feet, which is 33 per cent premium to the base price. The price seems reasonable compared with the earlier deals in the region," said Bhandari.

The auctioned land is around 3 km away from New Delhi railway and 2.5 km from Karol Bagh, a prime business area, according to RLDA website.

In August, Indiabulls Real Estate agreed to pay more than double the asking price for a plot of land owned by state-run National Textile Corp (NTC) in central Mumbai.

Ahead of the news, shares of Parvsnath closed up 0.15 per cent at 65.55 rupees in a weak Mumbai market.


http://economictimes.indiatimes.com/markets/real-estate/Parsvnath-wins-Delhi-land-bid-for-Rs-165-bn/articleshow/6908356.cms

www.RealIndiaProperty.co.in

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Posted By Noida Property 0 to India Property, Real Estate India at 11/12/2010 10:46:00 AM