DLF in talks to sell Mumbai land, Piramal Realty, Oberoi Realty in race

DLF is back in the market to sell it's prime land in Mumbai's Lower Parel area. The company is in close talks with a consortium of developers who have offered to pay Rs 2,500 crore for the land parcel, according to sources. Consortium includes Mumbai-based developer Vallabh Sheth and Pune-based builder Avinash Bhonsale. A well diversified group with realty business may also join the group for funding purposes. The consortium of developers has offered to pay Rs 2,000 crore over a period of two years and have offered to pay Rs 500 crore in case the FSI (floor to space Index) is enhanced with necessary approvals. The Lower Parel land is a huge parcel of 17 acres with around 3 million square feet of developable area. Also in the race are Piramal Realty, Oberoi Realty and many other developers who have eyed DLF's property but the deal has not fructified as none of the offers have matched up to the valuation expectations of the company, sources added. The land parcel was bought by DLF from NTC for Rs 700 crore in 2005.

source: http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=19474&cat_id=1