Lodha hikes bid price for NTC’s Finlay

Is time running out?
Photo by thinkpanama
Lodha Developers is ready to deal a 10.3-acre plot in Central Mumbai for Rs 710 crore in what could be the biggest realty deal this year, a sign that the slump in real estate sector may have finally gone. Company’s director Mr. Abhishek Lodha declared the offer made to acquire the Finlay Mill property belonging to NTC.

The developer is looking to fund the transaction through an IPO to raise three thousand crore rupees by end of August.

Lodha’s earlier bid for the 10.3-acre mill land was Rs 657.9 crore when the reserve price was fixed at Rs 708 crore. On Thursday, NTC’s asset review committee did not accept Lodha’s bid on grounds that it was much lower than the reserve price.

Lodha communicated to NTC its decision to increase its offer price for the Finlay property. The other bidder in the fray for the property was Indiabulls Real Estate at Rs 520 crore.

The payment for the Finlay Mill acquisition would be made in three tranches over three months. The deal will be inked between Lodha and NTC in the next ten days.