INR 1154 cr Deal in Thane - 88 acres snapped up by the Lodha Group

Lodha Group, one of the finest real estate construction firms in Mumbai has acquired an 88 acre land in Thane worth INR 1154 cr getting listed as one of the most significant land transactions in the Mumbai Metropolitan region.

The plot was bought from Clariant India, a chemical manufacturing company based out of Mumbai.

As per the current real estate market in Thane and considering various residential projects in Thane, the average price ranges from INR 10000 to INR 12000. Top-notch realty consultants have rated this transaction as a very good deal for Lodha and think that this land could fetch the numero uno realty developer a very good profit indeed. The Lodha group may have to shell out a further sum to avail Government approvals and other key documentations with regards to the construction and development of this land. The developer however is already said to be in the mood to pre launch plush residences in this plot as it expects all relevant development permissions to be on track in the coming 12 - 18 months.

There were other real estate and development companies that were eyeing this property and were keen to close a transaction for the same. Amongst these were entities like Oberoi Realty, Runwal Group and Kalpataru Group.

About the Land in Thane

This plot is located at Kolshet which has seen a lot of action in terms of real estate transactions over the past decade. Infact in 2004 Kalpataru Group acquired a 25 acre plot from Colour Chem for a mere INR 50 cr which in hindsight has turned out to be a fantastic purchase indeed. The group is now planning to develop a luxury residential project after a phenomenal response to their previous prelaunch in Kolshet Road named "Sunrise".

Apparently the bookings at Sunrise were closed as the planned inventory of flats were reportedly sold out in a jaw dropping 48 hours (Talk about a real estate slow down, huh ????)

This purchase of the Thane plot by the Lodha Group is significant and is an indicator of the fact that although Mumbai real estate is always hot, destinations like Thane are definitely the big new draw for real estate developers as there is a lot of demand for quality housing in Thane currently.