Runwall group close to buy Compton Greaves land in Mumbai for Rs. 1,015 crore.

Mumbai-based Runwall group is in the final leg of discussions to buy engineering company Crompton Greaves' 35 acre land parcel in eastern suburbs of Mumbai for Rs. 1015 crore, according to a executive in the know.

The plot is located in LBS Marg, Kanjurmarg.

Though several real estate developers such as Lodha group, Oberoi Realty were in the fray, Runwal has emerged as the front runner to buy the plot, said the executive. 'They are in the final stage of discussions,' he said.

At the rate, the valuation of land parcel comes to Rs. 29 crore per acre which is similar to ongoing land valuations, consultants said. Residendtial prices hover around Rs. 12,000 per square feet.

Runwal is expected to build a residential housing project on the plot.

When contacted, Runwall Spokesperson declined to comment on the matter. A Crompton Greaves spokesperson said: 'As a policy at CG, we do not respond to rumours and market speculation.'

Currently, a factory stands on the plot which will be relocated to Gujrat, said sources.


BS