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India's biggest land deals
Property in Mumbai has always been a real estate developer's prized catch. Over the years Mumbai has topped the list of cities with the most expensive property prices.
Land is the most precious resource today and builders are willing to pay any price to establish a foothold in the country's financial capital.
Mumbai saw its biggest land deal when a plot of 25,000 sq mts (6.1 acres) was bagged by Lodha developers for a whopping Rs 4,053 crore (Rs 40.53 billion) which is about Rs 81,818 per sq m.
The Lodha group quoted more than double the reserve price of Rs 1,980 crore (Rs 19.80 billion) set by the Mumbai Metropolitan Region Development Authority for the property in Wadala, a central Mumbai suburb. MMRDA had invited bids for constructing a landmark building offering five million square feet, at Wadala in Mumbai on design, build, own, operate and transfer basis.
The second closest bid was by Sunteck India at Rs 3,465 crore (Rs 34.65 billion), followed by Indiabulls Real Estate at Rs 3,327 crore (Rs 33.27 billion), while Gaurhari Estate quoted Rs 2,251 crore (Rs 22.51 billion).
Lodha Developers, which plans to launch a $650 million initial public offering later this year, plans to build a Rs 10,500 crore (Rs 105 billion) residential building (101-storeyed) in the heart of the city.
The tower will offer 50 lakh sq ft (5 million sq ft) of built-up area with several eco-friendly systems, which would include energy conservation, re-cycling of water and heat generated by the air-conditioners, etc.
This is the first successful auction MMRDA has carried out after 2008, indicating a revival of more big-ticket deals in the city.
In 2008, Delhi-based developer BPTP had bagged a 95-acre plot in Noida for Rs 5,000 crore (Rs 50 billion), but the deal was called off later. Click NEXT to know more about some of the biggest land deals in Indian cities...
India's biggest land deals
In 2007, Unitech bought a 1,750-acre plot in Vishakhapatnam from the Andhra Pradesh Infrastructure & Industrial Corporation (APIIC) for Rs 3,328 crore (Rs 33.28 billion).
In one of the biggest deals in Noida, Unitech also bagged a 340-acre residential plot for Rs 1,582.83 crore (Rs 15.82 billion).
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India's biggest land deals
Adani group
India saw its biggest land deal four years ago when the Ahmedabad-based Adani Group alongwith with Housing Development and Infrastructure (HDIL) bought around 48 acres at Bandra-Kurla Complex (BKC) for Rs 2,250 crore (Rs 22.50 billion) to develop a commercial and retail hub.
Mumbai has always been a hotspot for property deals, followed by cities like Gurgoan, Noida, Chennai and Ahmedabad.
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India's biggest land deals
In 2009, DLF bagged 350.7 acres in Gurgaon for Rs 1,750 crore (Rs 17.50 billion). In 2007, DLF paid Rs 1,675 crore (Rs 16.75 billion) for 38 acres of land in west Delhi.
DLF bought 17acres of textile mill land from NTC for Rs 702 crore (Rs 7.02 billion) in 2005.
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India's biggest land deals
Mumbai has seen three large property deals in the last one and half years. A consortium of Bhushan Steel and Subhash Chandra's Essel Group bought a 250-acre plot in Kharghar (Navi Mumbai) for Rs 1,530 crore (Rs 15.30 billion) from the City and Industrial Development Corporation of Maharashtra (Cidco).
With the realty sector recovering from the economic slowdown, more property deals are set to be sealed this year. The Railway Land Authority (RLDA), National Textile Corporation (NTC) and Mumbai Metropolitan Region Development Authority (MMRDA) are planning to auction more land.
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India's biggest land deals
In 2006, Reliance Industries bought 18.5 acres at Bandra Kurla Complex for Rs 1,104 crore (Rs 11.04 billion) to build a convention-cum-exhibition centre.
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India's biggest land deals
In 2007, Wadhwa Group hit the headlines when it paid a whopping Rs 831 crore (Rs 8.31 billion) for a less two acres in Bandra Kurla Complex.
In January 2010, the Wadhwa Group acquired 18.18 acres from Hindustan Composites Ltd for Rs 571 crore (Rs 5.71 billion) at Ghatkopar in West Mumbai. The group develops residential apartments, malls and multiplexes, commercial office space, hotels and IT parks.
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India's biggest land deals
In May 2010, Ahmedabad saw one of the biggest land deals when local realtors along with some Non-Resident Indian investors bought 1,650 acres for a whopping Rs 800 crore (Rs 8 billion) on Thol-Sanand road, north-west of the city. The group plans to build a township and a golf course.
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India's biggest land deals
Nitesh Estates
In December 2007, Bangalore-based Nitesh Estates won the biggest land deal in Chennai for Rs 642 crore (Rs 6.42 billion) in the Boat Club area.
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India's biggest land deals
In May 2010, New York-headquartered investment firm Brahma Management bought 13 acres of land in Gurgaon for Rs 620 crore (Rs 6.2 billion).
In 2007, the Leela Group purchased a three-acre plot at Chanakyapuri in New Delhi for Rs 635 crore (Rs 6.35 billion).
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India's biggest land deals
Mumbai-based company Sheth Developers bought the GTC (Golden Tobacco Company) property at Ville Parle in suburban Mumbai for Rs 591 crore (Rs 5.91 billion).