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Hafeez contractor house purchased by Kotak Realty for Rs 600 Crore

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Kotak Mahindra group is in discussion with Orbit Corporation to purchase the Hafeez Contractor House which is a main commercial land of Orbit for about Rs. 600 Crores. Kotak might utilize its land fund Kotak Realty Fund for the planned dealings.
Orbit CFO, Ramashrya Yadav said to www.propertykhazana.com that, “We are in discussions with different interested developers and denied to name. Once the contract is signed we will inform the stock exchange.”
As per the source available with the www.propertykhazana.com Hafeez Contractor House is situated at Lower Parel in Mumbai, measuring about 2.05 Lakhs Sq.ft and 35 storey commercial building likely to accommodate 500 companies. Lower Parel is a rising commercial destination with giants like DLF, Indiabulls, Bombay Dyeing, and Peninsula Land which are in commercial localities in the Parel –Worli belt. Before, Orbit Corporation had proposed to sell Hafeez Contractor House to the Sajjan Jindal Group.
Later on, Jindal Group did not show interest and purchased Orbit Corporations’ Kalina Land-cum-Commercial property for Rs. 807 Crores. Both players is discussing on the evaluation of Rs. 25,000 per Sq.ft, reasonably lesser rate than the current commercial land prices in Parel-Worli belt.
At present, developers are selling commercial space for Rs. 28,000-30,000 in Worli. Now, nearly 7-8 Sq.ft Grade ‘A’ commercial land is accessible in Mumbai with a bit extra in previous three years. One of the forecaster said to www.propertykhazana.com that, “The ongoing construction ventures have the potential to hike the commercial stock to many fold and this can make the rates softer.” New cater of about 18 Million Sq.ft in CBD & SBD localities of Mumbai will be accessible in 30 months and most cater is through mill development and slum rehabilitation.
Source: NBTVLIVE

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