British Council (BCI) has bought a Lower Parel propoerty encompassing 15,730 sq ft of area of a commercial complex under construction from Indiabulls Real Estate. The deal is valued at Rs 30 crore, or Rs 19,000 per sq ft.
The company has received a under valuation and has also signed a leasing agreement with corporates like Reliance Capital, IDFC, Indusind Bank, Aditya Birla Group for the compensation of around Rs 175 per sq ft.
This funds raised will help the company to finish its incompleted projects.
The real estate sector is facing the heat because of current economic turmoil and lack of sufficient fund. The real estate prices have tanked by almost 50% in the past one year.
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