According to documents obtained by CRE Matrix, the HCC board of directors voted on November 9 to sell the land as part of the asset monetisation of debt resolution.
Infrastructure behemoth Hindustan Construction Company (HCC) sold a 2.35 lakh sq mtr land block in Panvel near Mumbai to Oak & Stone Construction Pvt Ltd for Rs 95 crore, according to registration documents accessed by CRE Matrix.
The property is in Karnala village, Panvel, Raigad district. The transaction cost Rs 5.70 crore in stamp duty and was recorded on December 4, according to the records.
The Board of HCC passed a resolution on November 9 to sell the land as part of the debt resolution plan’s asset monetisation.
In another major land deal in October, Bombay Dyeing and Manufacturing Company Limited (BDMC) finalized a significant land deal. BDMC signed the conveyance deed with Goisu Realty Private Limited, a subsidiary of Sumitomo Realty & Development Company Limited. As part of the deal, BDMC received Rs 4,675 crore for the sale of a 22-acre land parcel in the Worli area of Mumbai, including the associated Floor Space Index (FSI).
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