Godrej Prop buys 27 acre land

For Rs 1,359 cr from Railways

NEW DELHI: In a big-ticket real estate deal, Godrej Properties said it has acquired nearly 27 acre land parcel in the national capital for Rs 1,359 crore to develop a luxury housing project.

The land parcel belonged to Rail Land Development Authority (RLDA).

Godrej Properties said in a statement that it has added a new project in the residential market of Ashok Vihar, Delhi.

"With the land acquisition value at Rs 1,359 crore, this is one of the largest land transactions in India in recent times," Godrej Properties said.

The payment for this land will be made in instalments over several years as stipulated in the tender documents.

The company will develop a luxury housing project on this 26.58 acre land parcel, with a built-up area of 3.28 million sq ft.

This is Godrej Properties' second project in Delhi after the launch of Godrej South Estate in Okhla in 2019. There are very few residential projects in the national capital by private developers.

NEW DELHI: Life Insurance Corporation on Monday said there is no proposal to merge its subsidiary LIC Housing Finance Ltd (LICHFL) with any other entity.

The statement came after some reports suggested that insurance behemoth LIC might expedite the process of merging LICHFL with its banking arm IDBI Bank.

"There was absolutely no proposal to merge LICHFL with any other entity and all such rumours floating in the market are not based on facts," LIC said.

IDBI Bank, in which LIC holds 51% stake, clarified that no such proposal has been discussed in its board meeting.

Shares of the LICHFL tanked more than 10% in day trade on BSE after the reports. The scrip settled down by 7.71% at Rs 380.30. IDBI shares also declined by 2.54% to end at 34.50.