Indiabulls Real Estate’s arm emerges as highest bidder for Voltas land in Thane: Report

24 Nov 2014 Evaluate

Indiabulls Real Estate’s arm has reportedly emerged as a highest bidder for a 7.22 acre plot of Voltas in Thane area, on the outskirts of Mumbai, in an electronic biding. It quoted a price of Rs 236 crore or Rs 32.68 crore per acre.

Voltas is yet to confirm the bid. Many developers participated in the bidding. Indiabulls plans to build premium residential towers on the plot. Another Indiabulls group firm recently bought a plot in Chennai for Rs 600 crore.

Recently, the company reported 54% decline in its consolidated net profit to Rs 37.34 crore for the quarter ended September 30, from Rs 81.21 crore in the year-ago period. However, the company’s total income increased by 60.09% at Rs 753.63 crore for the quarter from Rs 470.76 crore in the similar quarter of previous year.

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