Crompton Greaves sells Kanjurmarg land for over Rs 1,000 cr

MUMBAI: Runwal Group, a leading developer, has purchased engineering company Crompton Greaves’ 25 acres of the total 34 acres land parcel on LBS Marg at Kanjurmarg for over Rs 1,000 crore, an executive close to the deal has said. The company is expected to use the balance nine acres for factory operations.
The deal pegs the per-acre land value at Rs 30 crore even though most real estate experts were valuing the land parcel around Rs 35-40 crore per acre.Sandeep Runwal, Runwal Group MD, declined to comment on the deal. Crompton Greaves could not be contacted.
Residential prices hover around Rs 12,000 per square feet. Runwal is expected to build a residential housing project on the plot. Property advisory firm Cushman and Wakefield expects land deals worth Rs 8,000 crore this year as several corporate houses have been selling assets in the recent past to reduce their debt burden.