Published & Updated as on - 2010-02-26
A new four-storey commercial building at Worli is
being sold for Rs 640 crore, pitching it as one of the costliest in the
country. The Nusli Wadia-led Wadia Group has finalised the mega deal with Axis
Bank, which is planning to shift its headquarters to the building.
The deal generated a lot of
interest in Mumbai’s Property Market and some sources in real estate circles
had pegged the price at Rs 900 crore. But this was discounted by a senior
representative of a leading financial institution who was said to be aware of
the nitty-gritties of the transaction. The Wadias were unavailable for comment.
A spokesperson for Axis Bank said: “At this point of time we do not have any
comments to offer.” The building, Wadia Tower A, located in the Bombay Dyeing
Mill compound on Pandurang Budhakar Road, has a saleable area of over 4 lakh
square feet. It works out to Rs 16,000 a square foot.
The representative of a global property
consultancy firm said: “A deal of this magnitude for a ready building is
unheard of. This is by far the largest of its kind.” Axis Bank, one of the
three largest lenders in the country, plans to move out of its existing offices
in Maker Towers in Cuffe Parade and set up its headquarters in Wadia Tower A.
Several financial sector companies have already relocated to new business
centres like the Bandra-Kurla Complex and Kalina. The Wadias, considered to be
one of Mumbai’s biggest land owners, control 64 acres in prime central Mumbai
where they are also developing 1 million square feet of residential space.
Source:Indian Realty News 26/2/10
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