Metal Box sells 5-acre land parcel in Mumbai to Atia

11 Jan 2023 CW Team

A 5-acre land parcel in Deonar in Greater Mumbai, belonging to Metal Box India, has been sold by the company to Kolkata-based Atia Estates which is now planning to develop a portion of it for residential purposes, registration documents from the Maharashtra government showed.

The land parcel was sold to Atia Estates for Rs 819 million late last month. Simultaneously, Atia Estates has also entered into an agreement with an entity belonging to Mumbai-based developer, Supreme Universal, to build multi-storied buildings and residential units on 4.5 acre of the total land available.

In recent years, corporates, with significant unutilised land holdings in Mumbai, are taking initiatives to monetise them by developing them either for commercial or residential purposes. Debt-laden companies struggling with cash flows are also taking advantage of the revival in residential demand in the financial capital to either sell off their land or are tying up for joint development projects.

Documents made available by data analytics firm, CRE Matrix showed that, under the development agreement, Atia Estates would be getting 20% revenue share with a market value of around Rs 1.40 billion, while the developer would have 80% revenue share in the project with a market value of over Rs 3.11 billion.

In addition, Atia Estates would also be getting Rs 707 million from the developer in a phased manner for the grant of the development rights.

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