Pune: The Machine and Powertrain Maker Greaves Cotton has entered the Memorandum of Understanding to sell around 27 hectares of excessive soil in the Akurdi factory, outside the old Pune-Mumbai highway, to real estate developers in an agreement worth around Rs 320 Crore.
Greaves Cotton announced in archiving the stock exchange on Thursday said they had signed a memorandum of understanding (MoU) with a broker, a runal developer based in Pune.
It is said that the value of sales will be paid by the developer of the Runal in three stages, with all sales closed at the end of the current financial year.
Runal developers confirm the transaction to TOI, but refused to decipher further.
The source close to the agreement, however, said it had worked for several months.
The decision to sell the land arrived at the council meeting held on Wednesday.
“Yes, Greaves Cotton has announced the MoU to the Stock Exchange.
We have not yet decided how we will develop land, whether it will be used for housing projects or commercial development.
We will receive the call after the transaction is complete.
We choose the ground because of its various pots, including the location , “said a spokesman from the Runal developer.
Greaves Cotton, in addition to its acurdery plant, has manufacturing facilities in Aurangabad in Maharashtra, and elsewhere.
The sale is one of the biggest in several times because of its value, the word real estate observer.
Industrial observers add that other companies have also sold excess land in recent years, especially along the old Pune-Mumbai highway.
Realtors also sound optimism about agreement.
“We have said that Pimpri Chinchwad has all the ingredients to develop its own city structure, especially on stretching on old highways, with a wide 60 feet, underpass, BRT, and now also metro.
There is very good potential for offices and for for Housing on the stretch, as well as retail.
The area along the highway is slowly developed into a commercial hub, with good access from Pune.
This transaction rate, which has discussed for a while, reflects that the market is open and there is a large demand for housing And the office, even though the pandemic occurs, “said Vineet Goyal, Director of the Kohinoor Group implementers.
Industrial observers in the region said the stretch of the old highway through Pimpri Chinchwad was one of the most attractive propositions for developers now, because the Metro Pune corridor appeared in the stretch.