Solitaire Group Acquires 20-Acre Land In Andheri For Residential Project
Realty developer Solitaire Group has acquired a 20-acre land parcel in Mumbai’s Andheri suburb for approximately Rs 550 crore. The land parcel was purchased from Arogya Bharti Health Parks and Arogya Bharati Hospitals by Solitaire Group subsidiary Honest Vastunirman. As part of the deal, Honest Vastunirman will construct and hand over 140 residential tenements with a carpet area of nearly 38,000 sq ft to the sellers within six years. The company has paid Rs 230 crore each to Arogya Bharati Hospitals and Arogya Bharti Health Parks as part of the total consideration. The transaction took place in June, and documents accessed through CRE Matrix show that the company also paid stamp duty charges of nearly Rs 33 crore for the registration of the deal. The 20-acre land parcel was acquired from Bai Kabibai & Hansraj Morarji Charity Trust, and out of the total 23 acres, over 3.81 acres have been encroached upon and declared as a slum. The development rights for this slum area have been transferred to Supra Estate India. Arogya Bharati Hospitals and Arogya Bharti Health Parks already held development rights over 15 acres of the total 23 acres. They have transferred the rights for 2.5 acres of this to Khubchandani Hospital, which has constructed a hospital building on the land. Transactions for land parcels in key property markets such as Mumbai, Pune, Chennai, Hyderabad, and Bengaluru have been picking up pace, with many outright acquisitions and joint ventures either closed or expected to close soon.
Tags : Realty developer Solitaire Group land parcel Mumbai Andheri Arogya Bharti Health Parks Arogya Bharati Hospitals residential