RMZ offers Rs 8.15 billion to acquire L&T's 14-acre land in Bengaluru Noor Arora
Bengaluru-based property developer RMZ is in the final round of negotiations to acquire 14-acre land of engineering and construction major Larsen & Toubro (L&T) in Bengaluru. If the deal goes through, it will become the largest land deal in south India this year. RMZ has quoted around Rs 8.15 billion (Rs 0.58 billion per acre) for the land parcel in Hebbal area of Bengaluru, said sources in the know. “They are in final leg of the talks. L&T board should now approve it,” said a person who did not want to be quoted. L&T spokesperson did not comment on the development. RMZ executives, too, declined to speak on the deal. RMZ is expected to develop a commercial property on the plot, which is close to Bengaluru airport and has a development potential of 4 million square feet. Though another Bengaluru developer, Salarpuria Sattva, has shown an interest in the plot, it did not bid for the property, said Bijay Agarwal, firm’s managing director.
ARTICLE SOURCE: BS