A single acre for ` 188 crore!

Mumbai: India's biggest real estate deal took place on Friday evening, with the National Textile Corporation (NTC) limited selling eight acres of Bharat Mills at Worli, for a whopping ` 1505 crore, meaning a single acre went for 188 crore.

The highest bidder was Indiabulls, who won with a difference of ` 2 crore as Lodha had bid ` 1503 crore. The third highest was Peninsula with ` 1409 crore.

India's biggest real estate deal took place yesterday evening, with the National Textile Corporation (NTC) limited selling eight acres of Bharat Mills at Worli, for a whopping ` 1505 crore, meaning a single acre went for 188 crore.

The highest bidder was Indiabulls, who won with a difference of ` 2 crore as Lodha had bid ` 1503 crore. The third highest was Peninsula with ` 1409 crore.

This was followed by Tata for ` 1263 crore. The bidding list included the Oberoi and Videocon groups. Vipul Bhansal, CEO, Indiabulls said, "We are glad to have emerged as the successful bidder. This will enable us to continue our journey of delivering very best in its class product in Mumbai."

This is the same land that the state government was interested to develop affordable housing on. However, NTC had then declined the offer.

The state government was also ready to pay ` 750 crore for this land. Earlier this week, Indiabulls had won India's costliest deal by paying ` 198 crore for an acre of Podar Mills. The 2.39 acre mills went for ` 474 crore.

Numbers Game

1505 Cr
Price Indiabulls paid for eight acres of Bharati Mills at Worli

474 Cr
Price Indiabulls paid for Podar Mills

276 Cr
Price NTC got for its Jupiter Mills

198 Cr
Price Indiabulls paid for an acre of Podar Mills

180 Cr
Price NTC got for its Apollo Mills


Read more at: http://www.ndtv.com/article/cities/a-single-acre-for-rs-188-crore-42727?cp

Sensex closes week up by 276 pts on revival of monsoon

The BSE benchmark Sensex rose by 276 points to end the week at 18,143.99 points on revival of monsoon, healthy auto sales and strong manufacturing and services sector data. Across the sector buying triggered by host of positive factors helped the benchmark Sensex to regain 18K-mark. Most of
the indices including consumer durable, IT, small-cap, mid-cap, Realty and Bank ended in green on renewed demand from investors and operators.

Sustained buying by Foreign Institutional Investors (FIIs), the main market mover, was the major factor for the Sensex despite continued selling by domestic funds.

Foreign Institutional Investors bought shares worth Rs 2,097.26 crore in the first four trading days of the the current month.

The revival of monsoon rains too further boosted the market sentiment as good rainfall would boost farm output and rural income, and lower food inflation.

Auto stocks firmed up after strong July sales reported by some auto companies. Banking segment continued to attract good buying support.

IT counters were in demand after the Nasdaq-listed firm Cognizant Technology Solutions announced stellar Q2 results, beating its larger peers by a huge margin and also revised its 2010 guidance significantly.

Food inflation declined marginally to 9.53 per cent for the week ended July 24 from 9.67 per cent in the last week.