Reliance and its partner Maker Group sold 20 Percentage in Bandra-Kurla Complex
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As per the sources available to www.propertykhazana.com, Reliance Group chairman Mukesh Ambani and his partner Maker Group had sold their 20% of shares of a Prime Realty Development at Bandra-Kurla Complex for private fund Xander Realty Partners. Insiders of the groups told that Xander was found and managed by Siddharth Yog and he might have paid around Rs. 600 Crores to rise up 10% from each groups. Siddharth was not available for the statement but the sources told that contract has been done with the Xander by giving around Rs. 20,000 per Sq.ft and contract value of the project is at Rs. 3,000 Crores. Specialists said that the cost is lesser than that of existing in the locality. Realty fund director told that, “Recent value in BKC of an A Grade commercial tower was up with Rs. 25,000 per Sq.ft and for the retail mall it will be higher. Site of the venture also commands a top owing to easy convenience.”
Source also revealed that, apart from selling the stakes to Xander, it was said that the Maker Group is also selling around 80,000 Sq.ft of space to few of its shareholders who are associated the group in various of its ventures. 20 Acre of land on rim of Bandra-Kurla Business region was set in films when Reliance squad up with Maker Group to contract a complex which comprised a service apartment, shopping mall and others. State Govt. property was rented out for Maker Group which was running the films for about two decades. Location was estimated to rate around Rs. 1,500 Crores and also expected to have the first city retail store and some of the Reliance’s offices. The property which had a total growth possible of more than 15 Lakh Sq.ft was valued at Rs. 7,500 Sq.ft when the contract was signed.
Source: NIMMA BENGALURU
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