Peninsula Buys Property In Hydrabad For Rs 90 Crore
The Ashok Piramal group's real estate arm, Peninsula Land (PLL), has purchased Rallis India's 31 acres of land at Patancheru near Hyderabad for Rs 90 crore. The acquisition, made through PLL subsidiary RR Mega Property Developers, marks the Mumbai-based developer's entry into the southern markets.
"Western and southern India are our focused markets now. We are scouting for more land in cities like Bangalore and Chennai," said Rajeev Piramal, executive vice chairman and managing director, Peninsula Land.
The land sale is subject to fulfilment of certain conditions, including the satisfactory completion of due diligence by RR Mega Property Developers with respect to the title of the property.
Rallis India, a Tata group firm manufacturing agricultural products like pesticides and fertilisers, has put around 150 acres of land in Hyderabad on the block. Out of this, Godrej Properties had purchased 30 acres of land earlier.
Besides buying the 30 acres, PLL has signed a right of first refusal (RoFR) agreement with Rallis for the remaining 90 acres. The Hyderabad buy is Peninsula's ninth deal in the past one year. It has concluded three land deals in Pune and another three in Goa. PLL has also made two land acquisitions in Nashik and one in Nagpur. The company has over 36 million sq ft under development.
Source: The Economic Times , Mumbai, October 2, 2007 << BackTop
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