HCC sells land parcel for Rs 95 crore near Mumbai

Post Covid-19, over 87 land deals for over 1,862 acres were closed in FY23 across India, according to report of ANAROCK, a real estate consultancy firm.

Infrastructure major Hindustan Construction Company (HCC) has sold a 2.35 lakh sq mtrs land parcel in Panvel near Mumbai to Oak & Stone Construction Pvt Ltd for Rs 95 crore, registration documents accessed by real estate data analytics firm CRE Matrix show.

The land parcel is located in Karnala village in Panvel of Raigad district. The stamp duty for the transaction was Rs 5.70 crore and it was registered on December 4, the documents show.

According to the documents shared by CRE Matrix, the Board of HCC had passed a resolution on November 9 sell the land as part of asset monetisation of debt resolution plan.

HCC is yet to respond to Moneycontrol's query.  The copy will be updated when the response comes in.

In another major land deal, Bombay Dyeing and Manufacturing Company Limited (BDMC) in October announced that it had signed the conveyance deed with Goisu Realty Private Limited, a subsidiary of Sumitomo Realty & Development Company Limited, and received Rs 4,675 crore as part of the deal to sell a land parcel of about 22 acres (along with the associated Floor Space Index, or FSI) in the Worli area of Mumbai.

Over 87 land deals for over 1,862 acres were closed in FY23 across India, according to report of ANAROCK, a real estate consultancy firm. Mumbai Metropolitan Region (MMR) topped the list with 25 deals across 267 acres followed by NCR with 23 deals for about 274 acres.