K Raheja Corp buys 30 acres from Cabot Corporation for Rs 210 cr

Q: Developer K Raheja Corp has bought 30 acres in the Ghansoli area of Navi Mumbai for Rs 210 crore from US-based specialty chemicals company Cabot Corporation.

Jackie,

29th December 2015

Real estate News in Mumbai

mmr

mumbai metropolitan region

k raheja corp

cabot corporation

mindspace

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Replies (3)

Hi everybody,
Yes, the 2 plant closures mentioned above are consolidation of manufacturing facilities, with the shutting down of older facilities and re-direction to more modern facilities.

Ananya,

29th December 2015

Comment

I think this is a good deal for the Rahejas as they are buying a single block of land and already have a major presence in Navi Mumbai. Raheja has Mindspace properties in Airoli and Juinagar.

Supratim,

29th December 2015

Comment

Though prices are little higher in the area, there are not many takers for large plots for information technology parks. Ghansoli is a residential belt so there is a doubt that commercial real estate will develop in the locality so soon.

Samrat,

29th December 2015

Yes, it is right. One more thing come to know that Cushman & Wakefield was the advisor for Cabot on this transaction. The Cabot land sale precedes the plant closures by two pharmaceutical majors, Pfizer and Sandoz in the Thane-Navi Mumbai area in the recent past.

Supratim,

29th December 2015

Yes, and recently, Pfizer had sold its plant in the Thane area for a lump sum of Rs 178 crore to Vidhi Research and Development. Pfizer had shut its manufacturing facility on September 16.

bachu singh,

29th December 2015

In another example, Sandoz, the generic division of Novartis has announced that it would discontinue operations at its Turbhe site by the end of December 2016. It is not clear whether Sandoz would sell the plant and the property.

Samrat,

29th December 2015

Hi,
It is heard that K Raheja Corp, one of the largest developers of business parks in the country under the brand ''Mindspace'', is looking to build an infotech park on the plot. The 30-acre plot earlier housed a plant of Cabot, now shut.

Supratim,

29th December 2015

Comment

It is true Supratim. But Raheja Corp declined to comment on the matter. The plot would have total developable space of 4 million sq-ft and floor space index of 3 million sq-ft.

bachu singh,

29th December 2015