17 Acres of Prime Gurgaon Land to be auctioned by Aricent Technologies

Published: January 14, 2011

After Gurgaon One, western part of the city might see rise of another multi-storey building in the same vicinity. Jawala Mills, decades-old defunct textile mill on Old Delhi Road is slated to be sold by mid-February. The 17 acres of land was first purchased by IT major Aricent Technologies in early 2000s as tech firm wanted to re-develop the area into an office space. However, the new Master Plan of Gurgaon has marked the area as a residential zone. Following this, Aricent Technologies have decided to put the land up for sale.

For this purpose, the company has appointed international real estate consultant Jones Lang LaSalle (JLL) to invite bids for the land which may eventually be developed as a group housing society. Real Estate Gurgaon experts are estimating the price of this prime property to be about Rs 200 crore or higher. We have received a stupendous response to this bid. Some of the names in the business have given us expression of interest (EOI) for participating in the bid, says Amit Kaicker of land and industrial agency at JLL. He added that developers from around the world the shown interest in the bid.

Amongst developers from NCR, we have received EOI from Unitech, Parsvnath, TDI and Eldeco. While from Mumbai Godrej, Oberoi Realty, Ackruti City, Kalptaru and Mahindra Life Spaces have shown interest, confirmed Kaicker. Once developers submit their EOI, they will be given detailed information about the project. After this they will be asked to submit sealed bids. The whole process is expected to take about a month, said Kaicker. The deadline for submitting EOI expires on January 14.

A spokesperson from Ackruti City said: We have plans to expand beyond Mumbai and Gurgaon is certainly a good destination. With this auction, the city will have its one of a kind Mumbai-like sale of a redundant mill area. Nearly 600 acres area of todays central Mumbai was once home to more than 100 cotton mills. Till early 1980s, the area was hub of Mumbais industrial activity; however, by mid-80s most of these units were shut as many of them declared themselves bankrupt. Today none of these mills is functional and central Mumbai is home to multi-storey office and residential buildings.

Source: Indian Realty News

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