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RLDA on Course to Sell Land in Mumbai

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A land which is closer to Bandra—Kurla business area in Mumbai is on sale by the Railway Land Development Authority (RLDA). The price regarding the INR 46,000 square meter area was INR 4,000 Crores. This is an attempt by the RLDA, which is a supreme agency for the growth of rail lands in our nation. As per the sources at www.propertykhazana.com, companies have expressed interest to upgrade the area in the prime land. The last date for receiving the application is February 28, after which the price will announced by RLDA.
Many attempts have been done to sell the land in the year 2008; RLDA has cut the price of the land by approx 15% to the tune of INR 3,980 Crores. According to the website www.propertykhazana.com, it encouraged the developers like DLF, Unitech and India Bulls have come to picture to upgrade land. The agency increased the land value by thrice to the tune of INR 4,700 Crores approx, on the stipulation that faster development must be done due to friendly policies. The State government increased the floor space index (FSI) to approx 5% and the builder can construct area up till approx 1, 60,000 square meters.
The price and stipulations is going to change. As per the records at www.propertykhazana.com, RLDA is not able to auction the area due to recession in realty and change in development. Furthermore, the developers are alert and watching the price which needs to be announced by RLDA. According to the Executive Director of DLF, we will take into account every factor including the reserve price and take the decision. For more information, please visit the website www.propertykhazana.com.
Source: NBTVLIVE

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