Lodha clinches the costliest land deal so far

Lodha Group bought a six-acre government plot in Wadala in Mumbai at a whopping price of Rs4,053-crore yesterday, setting an all-India record.

This deal also confirms Mumbai’s number one position in the real estate market. Though the city has a negligible amount of open spaces like parks and playgrounds compared to other leading global cities, its real estate is one of the most expensive in the world.

Till yesterday, DLF’s bid of Rs1,750-crore for 350.7 acres in Gurgaon last year was considered to be the highest in the country. Yesterday, the Lodha Group beat this record by several times after it outbid three other developers for the Wadala plot by quoting double the reserve price. The MMRDA had set a minimum rate of Rs40,000-per sq m (Rs1,980-crore) and Lodha put in its bid for a hefty Rs81,818-per sq m.