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Apr 17, 2012, 08.52 AM IST
HDFC has inked a three year lease for HUL's erstwhile headquarters in Backbay Reclamation in Mumbai, reports CNBC-TV18's Priyanka Ghosh quoting sources.
Just about 8 to 10 months back HUL had put up the properties for monetization. According to sources, headquarters of HUL has been sold at Rs 150 to Rs 200 for a square foot, which is slightly below the market rate.
The market rate would be around in the range of Rs 250 for a square foot or so.
From this transaction, however, HUL is expected to get an annualised return of about Rs 300 crore to Rs 350 crore. Sources also add that the lease is signed for 3 years.
It’s interesting that this transaction actually did not go through for a very long time because no company or financial institutions were interested in taking long-term positions because they were not in that expansion mode, but HDFC’s own headquarters is just a stone's throw away from this building. It is learnt that it will be housing HDFCs own subsidiaries.
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