BackIndiabulls unit Tapir emerges highest bidder for Voltas land in Thane
Tapir's bid for `236 cr was the highest for the 7.22 acres of land, for which other firms such as Puravankara and Rustomjee are also in the fray
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Bengaluru: A subsidiary of Indiabulls Real Estate Ltd emerged as the highest bidder for a land parcel of Voltas Ltd in Thane, near Mumbai, in an electronic auction conducted on Friday, said multiple people familiar with the development.
Tapir Constructions Ltd’s bid for 236 crore was the highest for the 7.22 acres of land, for which other real estate firms such as Bengaluru-based Puravankara Projects Ltd and Mumbai-based Rustomjee Group are also in the fray.
Property advisory CBRE conducted the e-auction.
In another acquisition earlier this week, Indiabulls Distribution Services Ltd, a subsidiary of Indiabulls Securities Ltd, bought a commercial complex with three towers with an area of 2.4 million sq. ft and a leasable area of 2 million sq. ft for ₹ 600 crore from India Land and Properties Pvt. Ltd. The project is spread across nearly 10 acres.
The Chennai acquisition is a bid to strengthen the rental portfolio and annuity income of Indiabulls, which has a portfolio of both residential and office projects.
“Voltas will consider the bids and the decision will be declared next week," said one of the people mentioned above, who didn’t want to be named.
“Indiabulls plans to develop a premium residential project which will be attractively priced," said a second person, who also requested anonymity.
A Voltas spokesperson declined comment.
Thane has emerged as a hotspot for big-ticket land sales, as south and suburban Mumbai don’t have too many vacant land remaining to be developed.
In another land auction, property advisory Jones Lang La Salle India is conducting an auction of a 60 acres of land in Thane owned by a large drugmaker. The auction is yet to be concluded.
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