INDORE: In the city's biggest land deal, Mukesh Ambani-led Reliance group has outbid realty firms DLF and BPTP to bag a commercial plot for Rs 270 crore to build a hyper-mall at an investment of about Rs 1,000 crore.
Reliance Retail plans to invest up to Rs 1,000 crore to develop a hyper-mall on this over 37,000 square metre plot in Vijaynagar area of the city, according to sources.
Indore Development Authority (IDA) Chairman Madhukar Verma told PTI that technical bids of Reliance, DLF and BPTP were found qualified. Yesterday, was the last date for submitting the bids.
He said price bids of the three companies were opened today, in which Reliance emerged as winner with highest price of Rs 270 crore. Delhi-based realty firms BPTP and DLF offered Rs 157.2 crore and Rs 150 crore respectively, Verma added.
In August, IDA had called for technical and commercial bids for allotment of two adjoining plots measuring 37,090 square meters (about four lakh square feet) for nominal lease having a reserve price of Rs 111.27 crore at a cost of Rs 30,000 per sq meter.
Verma said the IDA Board would meet in next 10 days to give a formal approval of the deal.
From
http://economictimes.indiatimes.com/Personal_Finance/Property/Reliance_outbids_BPTP_DLF_to_bag_Rs_270_cr_plot_in_Indore/articleshow/2391537.cms
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