HSBC in talks to sell Worli land to K Raheja Corp for over Rs 220 crore

MUMBAI: Multinational bank HSBC is in advanced talks with realty developer K Raheja Corp to sell its 1.4-acre prime land parcel in Worli for over Rs 220 crore, two persons familiar with the development said.

The plot located next to Doordarshan Tower in the plush locality is expected to provide development potential of around 2 lakh square feet through a residential project, they said.

Spokespersons of both HSBC and K Raheja Corp declined to comment.

Transaction advisor CBRE also refused to comment.

Currently, prices of residential proper residential properties in the vicinity range between Rs 45,000 and Rs 50,000 per square feet, according to real estate industry sources.

The last major land transaction in Worli locality was concluded in 2012, when realty developer Lodha Group bought a 17-acre land parcel from DLF for Rs 2,750 crore.

In 2010, Indiabulls Real Estate had paid nearly Rs 2,000 crore for two land parcels of Bharat Mills and Podar Mills, spread over nearly 12 acres in Worli.

HSBC's Worli property earlier housed its call centre and business process outsourcing arm that had a staff strength of over 1,000 employees. The unit was shifted to a larger office in 2007.

Interestingly, HSBC bought a luxury duplex apartment overlooking the Arabian Sea in south Mumbai's Mahalaxmi locality for around Rs 60 crore at K Raheja Corp's Vivarea project late last year in one of the most expensive such purchases in the country.