Lodha completes Rs 27.25 bn Mumbai land deal

In an official statement, Lodha Developers informed that its Rs 2,725 crore land transaction in Mumbai has been concluded as per the envisaged timeframe of end October.

The company entered into an agreement with real estate firm DLF to buy the prime 17-acre Mumbai Textile mill property at Worli in August. Lodha had paid Rs 500 crore as advance to DLF in August. This is said to be the largest real estate deal so far this year.

The sale amount is four times higher than the price DLF had paid in 2005. DLF had bought the land from National Textile Corporation for Rs 703 crore and decided to sell the land as part of the strategy to exit from non-core business.

Lodha had entered into a binding agreement with DLF to acquire DLF’s arm, Jawala Real Estate, which owned this land.