Hiranandani Upscale, a fully-owned company of Mumbai-based developer Hiranandani Group, is learnt to have bought 135 acres in Bangalore, Chennai and Hyderabad for Rs 800 crore.
According to a person involved in the transaction, the agreement had been signed last month between Hiranandani Upscale and three individual sellers in these cities. The three land parcels comprise 80 acres in Bangalore, 35 acres in Chennai and 20 acres in Hyderabad, said the person. Hiranandani Upscale plans to develop townships in these cities at a later date.
The sale of these land parcels have been on an outright basis and Hiranandani Upscale would make the payment in three tranches. It is believed that the company has paid an initial amount (token money). When queried on the deals, Surendra Hiranandani, managing director, Hiranandani Group and Hiranandani Upscale confirmed to ET the companys plans to start new projects in South India but refused to share exact details about the deals.
More : economictimes.indiatimes.com
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