Cigarettes and tobacco products manufacturer Golden Tobacco will enter into a pact with realtors Sheth Developers and Suraksha Realty to either jointly develop or sell 7.7 acres owned by the company at Vile Parle in Mumbai.
The company itself forayed into the real estate business in 2007-08, when its Hyderabad property was also offered for a joint development of a commercial complex there. Golden Tobacco had announced last year that it would offer the Vile Parle property also for a joint development and had tied up with a Mumbai builder to develop this. Golden Tobacco had signed a memorandum of understanding (MoU) to this effect subject to shareholders' approval and received an advance of Rs. 100 crore.
The land parcel located in a prime area in Mumbai can fetch the company around Rs. 400 crore for an outright sale based on current market rates here and total sales potential of 8.5 lakh sq ft. The property is ideal for a premium residential development and can command rates around Rs. 20,000 per sq ft.
Company Name | CMP |
---|---|
ITC | 443.45 |
Godfrey Phillips | 3258.05 |
VST Industries | 3901.85 |
The Indian Wood Pro. | 30.64 |
Golden Tobacco | 40.94 |
View more.. |