Raheja Universal to sell a chunk of land in Navi Mumbai project

Realty developer Raheja Universal has put a 38-acre land parcel, which is part of its flagship project Raheja International Corporate City, including an information technology Special Economic Zone in Navi Mumbai, on the block, reports Economic Times. Suresh and Ashish Raheja-led company, which pulled out its IPO due to volatile market conditions two years ago, is now eyeing Rs 450 to Rs 500 crore through this land sale. According to Raheja Universal, "RICC is our flagship project, part of which we are looking to sell to captive end-users. We will still develop rest of the land on our own and this will still be our flagship project." The project Raheja International Corporate City (RICC) was proposed to be spread over total 138 acres with three phases and a total developable space of around 36.27 million sq ft. The land parcel is located near Juinagar railway station and adjoining the National Highway 4. Property market experts in Navi Mumbai expect the land parcel to fetch a higher price, given its proximity to the highway and major commercial development around it. In a recent land auction conducted by The City and Industrial Development Corporation of Maharashtra (CIDCO) , six land parcels totaling 16.7 acres at Ghansoli in Navi Mumbai were sold for Rs 650 crore. Of the three phases, the developer has already started work at RICC-I and RICC-II, while construction has not started at the third phase. .source: http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=19476&cat_id=1