A 25,000-sq-m plot in Wadala has attracted a sky-piercing bid of Rs 4,053 crore to the Mumbai Metropolitan Region Development Authority (MMRDA), the offer coming after a two-year slump in the realty market.
The winning bidder, Lodha Crown Buildmart Pvt Ltd, has quoted a price of Rs 81,818 per sq m of the permissible built-up area on the plot, which the MMRDA had earlier earmarked for an iconic tower.
The existing residential rates at Wadala are around Rs 8,500 per sq ft, which could be hiked after the deal. Over the last few months, Ajmera Developers have increased their rates at the Bhakti Park project to Rs 13,000 a sq ft. Real estate sources, however, say they have been unable to sell flats at the increased rates.
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