NTC board to decide on bid

Bid for Finlay Mill Property Hits Roadblock

Lodha Developers' recent bid of Rs 657.9 crore for the 10.3-acre Finlay Mill property in central Mumbai has been stalled. The asset review committee of the National Textile Corporation (NTC) failed to clear the bid, citing its significant deviation from the reserve price.

Background on the Bidding Process

• Date of Bidding: July 16
• Bidders:
  1. Lodha Developers - Rs 657.9 crore
  2. Indiabulls - Rs 520 crore
• Expected Outcome: Revival of the real estate sector

NTC's Stance on the Bid

According to NTC MD, K Ramchandran Pillai, "The asset committee had the power to take a decision. Now, the NTC board will decide whether to award the Finlay Mill land to Lodha." This development underscores the committee's reservations about awarding the land parcel at a price substantially lower than the reserve price, despite initial optimism about the bid signaling a revival in the real estate sector.