Delhi/Mumbai: Delhi-based Jwala Real Estate Pvt Ltd's record bid of Rs702
crore has won it NTC's Mumbai Textile Mills' 17.5-acre real estate. This is
the biggest ever realty deal in India and it could push up property prices
to analysts, as per the deal, the price per square feet is pegged at anywhere
between Rs8,000 to Rs12,000, against Rs4,000 in the recent Jupiter Mill sell-off.
Two more NTC mills - Elphinstone and Kohinoor are on the auction block..
a separate deal, Mumbai-based Lodha Group won the tender for 7.5 acre of land
with Apollo Textile Mills, another NTC property, by putting in a Rs180-crore
March this year, the NTC's 11-acre Jupiter Mills at Elphinstone Road had fetched
Rs276 crore from financial services firm, Indibulls creating a turmoil in
the property market. The bid for Mumbai Textile Mill is the highest ever and
is much higher than the anticipated winning bid price of Rs400-550 crore.
month, a Supreme Court ruling allowed NTC to sell five of its defunct mill
lands to retire outstanding debts of Rs1891 crore. The
NTC has been trying to utilise its 300 acres of real estate situated at prime
locations in Mumbai to repay debts and revive its remaining mills.