After a prolonged period of stagnation in the commercial real estate market in Mumbai, signs of revival are finally evident. Leading the way is the expansive 10.3-acre Finlay Mill property, which has attracted bids from prominent players such as Lodha Developers and Indiabulls Real Estate. Notably, on July 31, NTC is set to auction the 16-acre Kohinoor Mill-1 property, with a base price established at Rs 1,200 crore. Both of these significant properties are strategically located in central Mumbai.
In the case of the Finlay Mill property, the deadline for bid submissions was Thursday. Both Lodha Developers and Indiabulls Real Estate stepped up to the challenge, with the base price for this property, which offers a buildable area of 4.20 lakh square feet, pegged at Rs 708 crore. Lodha has submitted a bid of Rs 657.9 crore, while Indiabulls has put forth Rs 520 crore. It’s interesting to note that this property has previously been put on the market twice.
Additionally, it has come to light that property consultancy firm Jones Lang LaSalle Meghraj has been appointed to oversee the sale of the Kohinoor Mill-1 land. This upcoming auction marks the first time this prime land is being brought to market. It’s also worth mentioning that the Kohinoor Mill-1 property differs significantly from Kohinoor Mill-3, which was acquired by notable figures Manohar Joshi and Raj Thackeray for Rs 421 crore back in 2005.