Mumbai plot sold for Rs 1.75 crore earlier fetches Rs 600 now

An eight-acre plot in Kalachowkie in the heart of central Mumbai, which was sold for a throwaway price of Rs 1.75 crore a decade ago by a Madhya Pradesh government undertaking to a small-time developer, fetched Rs 600 crore last month. South Mumbai property redeveloper Haresh Mehta, who was in possession of the property for the past two years, sold it to the Lodha Group, it is learned. The Lodhas have already announced a residential project on this land.
The sprawling plot was earlier owned by Provident Investment Company Ltd, a MP government undertaking, when it decided to call for tenders in 2002. The highest bidder was Esque Finmark. What raised eyebrows was when it was discovered that the highest bid was just Rs 1.76 crore, a price of a mid-sized apartment. Although the real estate market was not exactly booming in 2002, the plot could have still fetched at least Rs 160 acre at Rs 20 crore an acre.
Two years ago, Rohan Lifescapes took over the redevelopment rights of Ambewadi from Esque Finmark to jointly develop the property. Subsequently, Esque Finmark sold the entire project to Mehta for an undisclosed amount.