Siemens sells Bangalore land parcel to Prestige for $57M

Siemens Ltd, the public listed Indian arm of the German conglomerate, has sold a land parcel in Bangalore to Prestige City Properties for Rs 345 crore ($57 million), as per a stock market disclosure. The firm did not specify details of the land parcel it has sold.

Bangalore-based listed realty developer Prestige has presence across residential, commercial and hospitality verticals in southern cities of Bangalore, Chennai, Hyderabad, Kochi and Mangalore. It has completed over 169 projects spanning a total developed area of over 51.37 million sq ft and has another 65 ongoing projects comprising around 56.94 million sq ft.

In December last year, another city-based developer Brigade Enterprises Ltd bought a prime property in Bangalore from Hindustan Coca-Cola Beverages for Rs 68.83 crore ($11 million) to develop a real estate project.

A slew of land deals has been sealed in the recent past.

Deepak Nitrite recently put its three-acre land parcel in Pune on the block in an effort to monetise its unutilised assets.

KEC International had disclosed in April this year that it has entered into an agreement for selling its land parcel located in Thane, a suburb in Mumbai, admeasuring more than 7.3 acres to a subsidiary of Tata Housing Development Company Limited, for Rs 211.7 crore ($35 million).

Mumbai-based real estate developer Lodha Group acquired an 88-acre land parcel in Thane, a Mumbai suburb, from the specialty chemical maker Clariant Chemicals (India) Ltd for Rs 1,154 crore.  

Tata Steel sold its 25-acre land asset in Mumbai suburbs to Oberoi Realty Ltd for Rs 1,155 crore ($190 million) March this year.

(Edited by Joby Puthuparampil Johnson)

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