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K Raheja, GIC buy Mumbai land parcel for $93 mn
Photo Credit: Shah Junaid/VCCircle

A joint venture between Mumbai developer K Raheja Corp and Singapore sovereign wealth fund GIC Pte Ltd has bought a land parcel from Siemens Ltd for Rs 610 crore ($93 million).

The land parcel, at Worli in Mumbai, measures roughly three acres, the Indian arm of German conglomerate Siemens AG said in a stock market notification.

The joint venture company that bought the land parcel is Whispering Heights Real Estate Pvt Ltd.

Siemens had first informed its shareholders about the transaction in December last year.

GIC is one of the biggest foreign investors in India’s real estate sector. The firm struck its biggest real estate deal in India last month, investing $1.39 billion for a 33% stake in DLF Ltd’s rental arm.

India’s real estate market has been going through a sluggish phase but has seen a bunch of land transactions lately.

Gurgaon-based BPTP Ltd, which is on a land selling spree to clear its dues to investors, has reportedly sold a 20-acre land parcel along the Dwarka Expressway in the national capital region to Shapoorji Pallonji Group for an affordable housing project.

Recently, BPTP had also sold a land parcel in Delhi-NCR region to Mumbai-listed developer Godrej Properties Ltd.

Earlier this month, Mumbai-based Indiabulls Real Estate bought a 3.3-acre land parcel in Gurgaon to develop a commercial project.

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