Despite stagnancy in the realty sector in Mumbai, realtors haven't lost the passion to acquire land in India's financial capital. Last week, leading developers made bid for a 105 acre land in Thane situated in the outskirts of the city.
The realtors are considering this huge patch of land owned by world's leading crop protection company Bayer CropScience as a prime property which could fetch roughly $237 million. The land has been mainly used till now for manufacturing crop protection technology.
The land was put on the block two years ago, but the company had to pull back due to the slump in property market. Bayer has sold over 20 smaller properties since 2005 to unlock its real estate holdings in other Indian cities such as Aurangabad and Hyderabad.