ICICI arm eyes Rs 180cr from sale of Mumbai realty: Sources

ICICI Ventures, a wholly-owned subsidiary of ICICI Bank has listed its property in central Mumbai for sale. The transaction is expected to fetch the company Rs 180 crore, reports CNBC-TV18's Priyanka Ghosh, quoting sources.

This development adds to the growing trend, over the past six months, of the corporate world trying to consolidate assets. The property is in the Prabhadevi area in central Mumbai. The property is spread over 85,000 sqft and the transaction is expected, at an estimated Rs 20,000 per sqft, to fetch Rs 180 crore.
According to market brokers, the rate seems fair compared to JM Financial's purchase of  space in Synergy, a building next-door, for Rs 20,000 per sqft. This also indicates that realty prices have been stable in Mumbai in the past month or so.
Sources indicate that Mahindra Finance is in the lead to purchase the property.  ICICI Ventures, however, has denied all news of the development.