Hindustan Unilever's property Gulita has acquired by Piramal

- Wednesday, April 04, 2012 11:19:59 PM

Hindustan Unilever has sold Gulita to Piramal Realty for Rs 452.5 crore, its sea-facing property in south Mumbai, to Piramal Realty for Rs 452.5 crore.

The one-acre property in Worli Seaface, which used to house a training centre and private residences of senior executives of Unilever's Indian arm, will give way to a high-end luxury residential complex overlooking the Arabian Sea, which the buyer plans to build there.

Hindustan Unilever signed an agreement with the Ajay Piramal Group's realty arm to assign its perpetual lease rights of the land and building. This includes both fixed and variable components.

Piramal won the bid beating businessmen Anil Ambani and Gautam Adani, who had placed bids between Rs 350 and Rs 400 crore.

The land for Gulita, which was built in 1986, was taken on a perpetual lease from the Brihanmumbai Municipal Corporation--the Mumbai civic authority.

The company had originally planned to sub-lease the property, but decided to finally sell it outright after a Supreme Court order set aside BMC's move to raise the premium on ownership transfer to 50%.

Piramal Realty is planning to develop high-end luxury apartments on the one-acre land and Ajay Piramal might keep a part of it for his personal use, given the premium location. The company can build a total of 100,000 sq ft of saleable area on the plot following recent amendments in Development Control Regulations in the city.

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