Lodha Group buys 87 acre for Rs 1,154 cr from Clariant

Clariant Chemicals (India) on Tuesday announced sale of 87 acre near Mumbai to realty firm Lodha Developers for Rs 1,154 crore.

In a filing to the BSE, Clariant Chemicals said "the company has entered into an agreement to sell its land located in Kolshet, Thane, aggregating to about 87 acre to Ishwer Realty and Technologies Pvt Ltd for an aggregate consideration of Rs 1,154.25 crore".

Ishwer Realty and Technologies Pvt Ltd is a subsidiary of Mumbai-based Lodha Developers Pvt Ltd.

Clariant Chemicals (India), the Indian arm of the Swiss- based Clariant International, had taken shareholders' approval to sell this land in July last year.

"The transaction is subject to customary closing conditions and is subject to relevant approvals and permissions from the Government and other statutory bodies, as may be necessary," the filing added.

Clariant Chemicals share price rose by 6.08 per cent to Rs 700.15 on the BSE.

The property market in and around Mumbai has witnessed several land deals in the last few months.

Last month, Tata Steel sold a 25-acre plot in Borivali to Oberoi Realty for Rs 1,155 crore while KEC International sold 7 acre of land in Mumbai for Rs 214 crore to Tata Housing.

Lodha Group has been on a expansion mode and is buying land and commercial properties in India and overseas.

In 2012, Lodha Group had acquired a 17-acre land parcel at Lower Parel from DLF for Rs 2,725 crore. Last year, it acquired Macdonald House in central London, which houses the Canadian High Commission, for over (over Rs 3,000 crore).

Privately held Lodha Group is country's leading real estate developer with net sales exceeding Rs 8,700 crore in the financial year 2012-13.

The Group is currently developing over 35 million sq.ft. of prime real estate, with over 20 projects in Mumbai, Pune & Hyderabad.