Indiabulls InfraEstate wins bid to buy NTC's plot

Indiabulls InfraEstate wins bid to buy NTC's plotThe infrastructure and real estate related wing of India Bulls has been able to win a bid to buy a defunct factory of NTC's Bharat Mills. The company named Indiabulls InfraEstate had to give away Rs. 1505 crore for the factory and land which is situated at Worli in Mumbai.

Total area under the factory is 8.37 acre and is a prime land. There were six contenders fighting for the same piece and the final decision on the same was taken on August 6. At this point, Indiabullls was able to outbid all the others and quoted the price.

This price is much higher than even what NTC had quoted. They had expected the price to be at Rs. 750 crore. The whole place was bought over on the first day of the auction itself.

The highest bid was Rs. 1152 croe which later went up to Rs. 1175 crore. The same was said by state-owned NTC in a statement.

Lodha Structure Developers Pvt. Ltd was the second highest bidder and had quoted Rs. 1503 crore as the price. It was followed by Peninsula Real Estate Management Pvt. Ltd. Their price was Rs. 1409 crore.