Piramal Realty, DB Realty on battle for Famous Studios

On December 12, 2012 Ajay Piramal owned Piramal Realty had a rethink on Mumbai's iconic building, famous studios in Mahalaxmi. Now DB Realty is back in the running for this property, reports CNBC-TV18’s Priyanka Ghosh.

Year back when this transaction had first come to the market, DB Realty had been one of the interested parties. However, that transaction had gone in the favour of Piramal Realty. Now, they are back to the negotiating table. Also read: Buy real estate stocks, says Sudarshan Sukhani Meanwhile, Piramal Realty had signed a joint venture (JV) for a 60 percent stake for a consideration of Rs 350 crore. The initial payment of Rs 80 crore has still not been made and the JV has sort of hit a roadblock. DB Realty's keen interest on this plot is absolutely not unfounded. Several market analysts say that they have an adjoining project called turf view. They want to integrate it with Famous Studios and capitalize on the 1.10 lakh square feet of saleable area that they have also compounded through various approval processes. DB Realty has not offered a comment but they had a few meetings with the owner of Famous Studios. It looks like a head to head battle between these two corporates. Also Piramal Realty's agreement has not been terminated legally.