Builders vie for Guj Ambuja’s Kalina property

City-based builders HDIL, Akruti Nirman and Kalpataru are in the race to buy out Gujarat Ambuja Cement’s two acres in Kalina, Mumbai, report Our Bureau.

At current market valuations, the property could fetch upwards of Rs 300 crore, property market sources said. International property consultant Knight Frank is believed to be working on the deal.

“It is an ideal location. We are keen to buy it out.” a bidder involved in the deal said. “We have an office property in Kalina which was vacated in 2005 after the Mumbai floods. We moved our office to Andheri,” a GACL official said. Anil Singhvi, MD, GACL, was not available for comment.

As land prices in India surge, many corporates are in the process of selling unutilised land in the city and suburbs. Currently, HLL, Bayer, Fiat and Colgate are in the process of selling their excess land in the city and suburbs while others like Glaxo and NRC have already sold their land in Worli and Kalyan.