Reflecting the current market sentiment of the real estate sector, the National Textile Corporations auction of Finlay Mills land in central Mumbai received bids below the reserve price of Rs 700 crore.
The bids were opened here on Thursday.
According to sources, the Mumbai-based developer Lodha Groups bid was the highest at Rs 657 crore, followed by India Bulls Real Estate Ltds (IBRL) at Rs 520 crore.
The bidders were required to submit bid guarantee money of Rs 100 crore.
Since this is the third time the NTC has put up the 11- acre mill land for sale, property analysts think the Corporation would award the property to the highest bidder even though the offers are below the reserve price.
More : thehindubusinessline.com
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