Mukesh Ambani Close To Buying Ruby Mills Property In Mumbai For Rs 400 Crore
Mukesh Ambani’s Reliance Retail is close to buying a Ruby Mills estate in Mumbai for Rs 400 crore ($90 million), reports The Economic Times. The mills is located in Dadar, an important commercial centre in the city. This could be the location for Ambani’s retail initiative, and they may set up the biggest hypermarket here.
Reliance officials are believed to have had several parleys with Ruby Mills executive chairman Manharlal Chunnilal Shah. It’s reported that they have managed to get the estate at Rs 18,000 per square feet. The deal is not done yet, but according to the ET report, they are close to clinching it.
Reliance was also in negotiations with Matoshri Realtors to buy Kohinoor Mills (located close to Ruby). But they reportedly demanded Rs 30,000 per square feet, a deal which the Ambani rejected.
In India, the hottest sector right now is real estate. Sobha Developers IPO closed yesterday with an oversubscription of 104 times. It’s almost like a lottery now. There are two real estate barons (KP Singh of DLF and Ramesh Chandra of Unitech) in the Forbes’ top 10 richest Indians. The current real estate boom is likened to the IT boom of the 1990s.
12/1/06, 7:37 AM |
Wonder whether, the boom in the real estate industry is for real or is it merely that speculators have driven up property prices?
I’m personally aware of people who have been buying properties only to sell them 2 or 3 months down the line.
05/1/07, 3:30 AM |
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If yes, I’ve something important to discuss with you. kindly get in touch with me at lavanya.singhk @ yahoo.com
07/3/07, 3:16 AM |
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04/15/08, 2:17 PM |
The fight lost in 2006 was about getting some public space freed up from the 600 acres (243 hectares) of prime commercial land occupied by Mumbai’s defunct textile mills, relics from the city’s industrial past.
Most of that land is slowly coming on the market for construction of glitzy, glass-and-chrome office towers and high-end shopping centers and restaurants along narrow roads; very little is going to the civic authorities.
Pranav.Kapadia