DB Realty buys land from CropScience at Rs 1540 crore

MUMBAI: Mumbai-based developer, DB Realty has bought the Thane land of Bayer CropScience for Rs 1540 crore, three independent sources said. The land bought by DB Realty is a 105 acre land parcel.

Sources said, DB Realty is planning to build a rental housing project on the newly acquired Thane land. Government gives incentives to generate the rental housing stock on self finance basis. This scheme can attract additional FSI, floor-space-index and DB Realty may get an FSI of 3. This could increase the developable area of the land to 18 million square feet, experts said.

DB Realty's Shahid Balwa has denied the information and said the process will take more time. Many leading developers like Peninsula Land, Lodha, Kalpataru, Kanakia, Wadhwa, Runwal and Sheth had submitted bids for buying the Bayer Crop land.