News & Views on Indian Real Estate

Tuesday, September 09, 2008

Bombay Dyeing To Come Up With A Mega Project

Bombay Dyeing is going to develop eight lakh sq ft of property on its surplus land in Mumbai. The company will construct a high-rise building for commercial and residential use. "We will commence construction of a high-rise tower in two months. The entire project will be sold off in the next 24 months,' Chairman Mr. Nusli Wadia told shareholders at the company's AGM. Although it would be difficult to fix a value for the upcoming project, real estate market sources said the company could earn a few thousand crores. Bombay Dyeing had started selling its Spring Mills project at Dadar in 2006 at an introductory price of Rs 10,200 per sq ft, which zoomed to Rs 25,000 per sq ft in January 2008. The company is redeveloping its Spring Mills property in Central Mumbai into a residential tower, 84% of which has been sold. The work at Dadar and Worli is also under construction, with two commercial and IT/ITeS towers expected to be ready by 2009-10.