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Rs. 850 Crores is the pedestal value for the land in US

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As per the sources available to www.propertykhazana.com, the bidding note says that, the US administration has fixed the base value of Rs. 850 Crores for its 2 acres land which is marine facing, Lincoln House at Breach Candy. For the two-storey accommodation land, Washington House at Alta Mount Road and the least value is set at Rs. 350 Crores. And this was issued to the potential purchasers by the DTZ international land advisors which were on hold by the US administration as it selected envoy to find the purchasers for these 2 main South Mumbai lands and the bids are anticipated to start probably in the first week of December.
Though there is a warning for the winning bidders saying the land auction should be cleared by the Union external affairs Ministry and from the State Administration. The bidding memo says that the US Administration anticipates obtaining the approval within 3 to 6 months for getting the verification letter from the bidder. And if the approval does not come within this period, then the US government might stop the Land transfer and thus pay back the received amount.
Revealed source at www.propertykhazana.com discloses the auction of the land can be affected to an endorsement from the ministry of external affairs, GOI and from the authorities as it might be valid. The time border for granting such endorsement is not specific and on getting such endorsement the US Administration will inform the winning bidders. Though the US administration is not able to get the endorsement within 90 to 180 days then it will be terminated and the money should be reimbursed by the bidder. And the US Administration can move towards the winning bidder for the joint decision on the addition of the time limit for getting the said endorsement from the ministry. Document also says that the winning bidder will have to get all the applicable endorsement other than the Indian Government for the auction of the land which may be required from any influence.
Source: NIMMA BENGALURU

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