The Union Ministry of Textiles has refused to accept the bid made by Mumbai based Lodha Developers for Finlay Mill's land in Central Mumbai.

According to sources, the ministry feels that the National Textile Corporation (NTC), which has put the land on sale, will get better prices than the bid put in by Lodha. The company, which had initially placed a bid of Rs 657.90 crore, later hiked it to Rs 710 crore, following a request from NTC.

Lodha had planned to build an office-cum-residential complex at the Finlay Mill plot.

NTC had put the land on sale with a reserve price of Rs 708 crore for 10.3 acre. The government, which had appointed Jones Lang LaSalle Meghraj as consultants, had received a good response from developers, including Reliance Vorando, Tata Realty, Lodha Developers, DB Realty, Nahar Group and Kalpataru Developers.

Also See:

Lodha raises bid price for NTC's Finlay (25-Jul-09)

Related Links:
Project profile