The land is a part of Raymond’s bigger, 125-acre land at Thane’s Cadbury Junction
Institutional investors and property developers from India and abroad have set eyes on Raymond's 20-acre land parcel in Thane, two people in the know told The Economic Times.
The interested buyers include Canada Pension Plan Investment Board (CPPIB), Xander Group, Phoenix Mills, Prestige Estates, the Ashwin Sheth Group and Puravankara Projects.
The land is a part of Raymond's bigger, 125-acre land at Thane's Cadbury Junction. It is estimated to have development potential of about 3.2 million sq ft. The current price is between Rs 10,000 and Rs 12,500 per sq ft.
Sources said the deal could be valued at around Rs 650-700 crore based on the last few concluded transactions for land parcels in the area.
For the last eight years, Raymond has been keen on either developing a realty project on this land or selling it in parts.
According to the offer documents reviewed by the publication, the industrial land can be used for residential, retail or commercial development. The prospective buyers will soon conduct due diligence and make financial bids.
The board approved the development of the 20-acre land for residential purposes in April this year. It was supposed to be developed over five to six years at a cost of Rs 300 crore in 2018-19.
JK Investo Trade India, an arm of Raymond, is also selling its piece of the 125-acre land.
The labour union, representing nearly 2,000 employees of Raymond's Thane unit, reached an out-of-court settlement with the company in October 2010. They received Rs 313 crore to give their consent for development of real estate on the land, which, at the time, had Raymond's textile unit.
This settlement also helped get clearances from government departments for real estate projects on that land.
