Powai 1

Bayer CropScience puts Powai property on sale; likely to fetch Rs 100 crore.

Bayer House, has an area of around 65,000 sq ft and is being valued around Rs 100 crore. And there’s yet another big ticket land deal in Powai, Mumbai! Bayer CropScience has put its Powai property on sale. Speaking to Bloomberg UTV, sources said located in the posh Hiranandani Gardens locality, the six-storey building.

Current commercial property rates in Powai are around Rs 14,000 to Rs 16,000 per sq ft. Judging by the prevailing property rates in the location, Bayer House should fetch the company around Rs 90 -100 crore. Knight Frank India has the mandate for selling the Powai property.

According to the sources, Bayer India will be leasing new office space in Thane. The under-construction property is expected to be ready by 2014. When contacted, however, company officials declined to comment on the issue.

Sources further said, the company also sold approximately 100 acre land in Thane last week. The property was sold to Agile Real Estate, a subsidiary of real estate developer Kalpataru. Bayer has received an earnest amount of Rs 260 crore. The total deal size is estimated to be around Rs 1,300 crore. Interestingly, UB Group chairman Dr Vijay Mallya is also the chairman of Bayer CropScience India, and UB’s President and CFO Ravi Nedungadi is a director.

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