May 30, 2018

MUMBAI: Realty developer Kalpataru, with a price of Rs 282 crore, has emerged as the highest bidder for Mondelez India’s (formerly Cadbury India’s) 8 acre land parcel in Thane, three persons familiar with the development said.

“The auction was concluded recently and the deal is likely to be completed over the next couple of months,” said one of the persons mentioned above. Kalpataru is planning to utilize the land parcel to develop a residential project.

Located on Pokharan Road 1, the land is estimated to have development potential of nearly 1 million sq ft. According to property consultants, current property prices in the vicinity are ranging between Rs 10,000 to Rs 12,000 per sq ft.

ET’s email query to Kalpataru remained unanswered until the time of going to press, while Mondelez India confirmed that the company is looking at selling its surplus land. “Thane will house our global Research, Development & Quality (RDQ) hub that is being set up with an investment of approximately $15 million. Since our global RDQ hub does not require the entire parcel of land, we are considering the monetisation of some land in excess of our need. We will be unable to comment any further,” Mondelez India spokesperson said in response to ET’s email query.

In one of the largest real estate transaction in 2013, Mondelez India sold Cadbury House, an iconic property of India Inc and the popular landmark to signal an entry to South Mumbai, for around ?350 crore. Cadbury House — named after its original owner, Cadbury — is spread over nearly an acre plot on Pedder Road, just opposite the Malalaxmi Temple.

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Source: realty.economictimes.indiatimes.com