Mumbai’s real estate sector enjoyed a burst of activity last month following the Wadhwa Group’s purchase of a 7.36-hectare Ghatkopar plot from Hindustan Composites. Wadhwa paid Rs5.71 billion (US$125 million) for the property in what is being touted as the largest land transaction in the city in more than a year.
The plot, in LBS Marg, Ghatkopar, had seen a range of prospective buyers in recent years. In 2008, K Raheja Universal was believed to have sealed a deal for the land for about Rs7 billion but it fell through when the property market collapsed.
A Wadhwa Group spokesman said the land would be used for luxury housing. “The prime focus is the good connectivity of the location to all the different suburbs,” he told the Times of India.
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