Mumbai: Peninsula Land, part of the Ashok Piramal Group, said it had received Rs 275 crore from Alok Realtors towards the sale of 6.41 lakh sq. ft. office space at Peninsula Business Park at Lower Parel.
Alok Realtors had agreed to buy 6.41 lakh sq. ft. office space in Tower B of Peninsula Business Park in Central Mumbai for Rs 1,100 crore in 2007. According to the terms of sale, Peninsula Land had so far received Rs 465 crore, which includes the present payment, and the balance is due in 2010.
Peninsula Land is developing 1.2 million sq. ft. of saleable area at Lower Parel. The company got the land by acquiring Dawn Mills.
Source: The Hindu Business Line
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