RIL sells BKC land to Wadhwa Group

Mukesh Ambani's Reliance Industries has sold it's land at Bandra-Kurla Complex to Wadhwa Group for Rs 1,000 crores, sources said.

| Jun 25, 2010, 08.44 PM IST

Mukesh Ambani’s Reliance Industries has sold it’s land at Bandra-Kurla Complex to Wadhwa Group for Rs 1,000 crores, sources said. The total land area sold by RIL is 2.25 acres which was bought for Rs 1104 crores in 2006 along with the Convention & Exhibition Centre. (Watch)

Wadhwa Group will also build an office space for RIL on a part of the Mumbai suburb plot and use the larger chunk of the 1.5 mnsqft of developable area for building commercial space.

Sources say, Wadhwa Group has already received pre-sales cheques from investors, HNIs for office space on the BKC land. Wadhwa Group has sold at the rate of Rs 15,000/sqft to the investors. The amount raised will be used to pay Reliance for the deal.

Apart from the cost for the land, Wadhwa Group has also given a premium to the Mumbai Metropolitan Region Development Authority (MMRDA) for higher FSI on the land.

Both RIL and Wadhwa Group declined to comment on the development.

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