Delhi Metro Sells 2 ha For Rs 220 Cr

Real Estate Agent with R.B.Eeal Estate

NEW DELHI: Little known realty firm Young Builders has bought Delhi Metro's 2-hectare land at Vishwavidyalaya metro station in North Delhi for Rs 220 crore in an auction reports Sanjeev Choudhary. It will construct a residential complex at the site. The developer has bought the land on a 90-year lease and is likely to get a developable area of 3.5 lakh sq ft, which will translate into a land acquisition cost of around Rs 6,200 per sq ft. A residential project being developed by Parsvnath Developers close to Vishwavidyalaya metro station is being sold at Rs 10,000 per sq ft.    



                                                            Courtesy:-E.T. date: - 5/08/08

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The Indian real estate sector might be going through a major downturn but to some extent it is also making things attractive for foreign investors. The slowdown, in fact, has set in more realistic valuations and growth-oriented investment opportunities for biggies to close in profitable deals. The recession in the US and the fact that China is tightening its FDI policy has aided a remarkable shift in investment. Experts feel that cities like Mumbai, Bangalore and the NCR region are hot investment destinations because of their strategic importance. Considering this, Mr. Donald Trump Junior is all set to launch a $1bn fund to buy property in India and Lehman Brothers Real Estate Partners has recently acquired a 50% stake in Unitech's Mumbai project. Also, TAIB Bank, a leading private bank based in Bahrain has recently picked up a 26% stake into a project of Anant Raj Industries. For more view-

Aug 05, 2008 07:58 PM