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5 most expensive real estate deals in 2012

Image: Photo courtesy: Sajjan Jindal

1. Sajjan Jindal, Mumbai

Steel magnate Sajjan Jindal had to spar a bit to get Maheshwari, a sea-facing bungalow on Nepean Sea Road. In 2011, he paid Rs 300 crore to members of the Maheshwari family for the bungalow. But Manoj Maheshwari held out and, instead, offered to buy Jindal out. Jindal eventually paid Maheshwari Rs 200 crore.

image: Prasad Gori for Forbes India

2. Bayer Cropscience, Thane

It took two years to conclude this Rs 1,250 crore deal between Bayer Cropscience and Kalpataru. DB Realty had initially been the frontrunner to acquire the 108-acre plot in Thane, but backed out. Kalpataru intends to develop the land as a mixed-use development with the first projects to be announced early next year.

Photo courtesy: Lodha Group

3. Lodha Group, Mumbai

After waiting for three years, cash-strapped DLF sold the 17-acre National Textile mills land parcel to the Lodha Group for Rs 2,725 crore. DLF had bought the land in 2005 for Rs 700 crore, and had initially planned a mall, office blocks and apartments on it.

4. Blackstone, Bangalore

Bangalore was home to the country’s largest commercial real estate deal. Blackstone paid Rs 1,000 crore for over 10 million sq feet of office space built by the Embassy Group. Blackstone gets rental income and can pocket gains from property appreciation.

5. Sudhir and Samir Mehta, New Delhi

The area around Delhi’s Lutyens Bungalow Zone houses the rich and famous. LN Mittal and Sunil Mittal have bungalows on Amrita Shergill Marg. New to the club are Sudhir and Samir Mehta of Torrent Pharma, who paid Rs 111 crore for a 1,124 sq yard plot in Chanakyapuri. The deal valued the land at over Rs 10,00,000 per square yard, a record.

This article appeared in Forbes India Magazine of 11 January, 2013

Via : Forbes India by Samar Srivastava


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