Mafatlal Industries has placed an 85,000 square foot property in central Mumbai on the market, aiming to raise between Rs 100 crore and Rs 150 crore. The funds will be utilized to revive the operations of the struggling company.
According to a senior company official, the decision to sell the property has been confirmed, with the bidding process expected to commence within a couple of days.
Located in Lower Parel, the building known as Mafatlal Chambers B is one among several properties owned by the group in the city.
Cushman & Wakefield (C&W), an international property consultant, is advising Mafatlal Industries on this transaction. Industry experts indicate that the current rate for commercial property in central Mumbai ranges from Rs 15,000 to Rs 20,000 per square foot. For this particular property, the minimum bid price has been set at Rs 11,000 per square foot.