48-Acres For Rs. 2,250-Crore
By: property

In a record breaking buy-out, Ahmedabad-based Adnani Group finalised the Housing Development and Infrastructure Ltd. (HDIL) project forking out Rs. 2,250-crore for developing a commercial and retail hub in Mumbai’s landmark commercial business district, the Bandra-Kurla Complex (BKC). At Rs. 2,250-crore for 48-acres, it has beaten Unitech’s recent 340-Noida acres land acquisition of Rs. 1,583-crore and left it trailing in the dust.

HDIL, a pan-Indian realty company promoted by the Wadhwan family, is also promoting Dean Housing Finance company, only just one of the leading housing finance companies in the country. This then, the biggest of all real estate deals involves the sale and development of over 2.1-million sq. ft., even as the country witnesses a surging demand for property, driving realty prices up across the board.

Partnering with the Adnani group to develop much needed global infrastructure in the city of Mumbai, HDIL and Adnani group together, will have the rights to develop and construct a commercial hub with hotels, service apartments, shopping malls and offices in BKC, a project that is expected to be completed in 2-years time. According to their agreement, space sales will only be conducted after developing the property.

Already, undergoing a metamorphoses, BKC property prices are rocketing skywards with a number of major national players, Reliance Industries being one of them, acquiring land in the area. By foraying into real estate in a big way, Adnani Group is chalking up mega plans to set up townships and commercial complexes in Mumbai and Ahmedabad. And, in Ahmedabad itself, the group is planning to invest around Rs. 1,590-crore for setting up of a residential complex.

Even as, real estate market analysts predict a bubble, but which refuses to make its presence known, as land prices maintain their upward graph across the sub-continent. Self-evident in the increasing number of big league players that are venturing into real estate construction and development, more than proving that there is money to be made in the buying / selling land that makes for lucrative deals, as they propel property prices higher and higher by foraying into Indian real estate!

Article Source: http://www.ArticleJoe.com

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