Riddhi Siddhi Group Acquires Prime Land in Bopal
Riddhi Siddhi Group has finalized the acquisition of 69,000 square feet of land in Bopal from Inductotherm India. The transaction, valued at Rs 268 crore, is one of the most significant real estate deals of this year, according to sources within the property sector.
Deal Details
The land became available after Inductotherm India relocated its manufacturing facility to Sanand. The deal was completed last week, with all requisite formalities, including property registration in the name of Riddhi Siddhi Infraspace, being finalized.
Prime Location
The plot is (situated) in a prime area that connects SP Ring Road and Ghuma. It also falls on the BRTS route and is adjacent to a vacant plot used as a vegetable market. The surrounding area includes numerous properties and commercial plots.
Transaction Highlights
Sources revealed that negotiations for the land had been ongoing for the past six months. Some real estate players initially agreed to purchase the plot but later dropped out. For completing the deal, Rs 13.13 crore was paid as stamp duty, and Rs 2.68 crore was paid as registration fees.
Stakeholders
- Riddhi Siddhi Group: Part of the Chowdhary family, with interests in chemical businesses and commodities.
- Inductotherm India: Former owners of the land, having shifted their manufacturing facility to Sanand.
Officials from Inductotherm and Riddhi Siddhi Group were unavailable for comment on the transaction.