Neptune, Indiareit Fund To Sell Kurla Land

Mumbai based developer, Neptune and real estate fund Indiareit Fund Advisors have put the central Mumbai suburban land on the block, sources said. It is a 17 acre land in Kurla which is valued at around Rs 1,200 crores. Both Neptune and Indiareit Fund hold 50% each in the land.

Neptune had earlier wanted to build a commercial complex at the Kurla based land which has a developable area of 1.8 million sq feet. Neptune has aborted the plans of building office space due to lower prices for office space on the back of low demand.

At least 13 real estate companies including Neptune are waiting to come out with an IPO. Neptune wants to raise Rs 495 crores, which would have given an exit option to Indiareit Fund which has invested in the company. With the IPO plans being de-railed, the land sale is expected to bring in cash for the two companies.

Sources say, Mumbai-based developers and real estate funds have shown interest in buying the Kurla land. The deal could be announced soon.