Finolex Industries sells leasehold rights of 25 acres of land in Pune for ₹470 crore

Finolex Industries has sold its leasehold rights of 25 acres for ₹470 crore to Terra Vista Developer in Pimpri, Waghere, Pune, documents accessed by CRE Matrix showed.

Finolex Industries has sold its leasehold rights of 25 acres for more than <span class= — Finolex Industries has sold its leasehold rights of 25 acres for more than ₹470 crore to Terra Vista Developer in Pimpri, Waghere, Pune, property documents showed. (REPRESENTATIVE PHOTO)

This concerns all the pieces and parcels of MIDC leasehold land … and structures on it situated in Pimpri Industrial Area, Pimpri Waghe, Takula Haveli, Pune, according to the Deed of Assignment that was registered on April 3, 2024.

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The land parcel was leased to the PVC pipes manufacturer by Maharashtra Industrial Development Corporation (MIDC), the documents showed.

Also Read: At least 97 land deals for more than 2700 acres closed across the country in 2023

The total area of the land parcel is 25.27 acres. A stamp duty of ₹23.52 crore has been paid on the transaction, the documents showed.

Finolex Industries could not be reached for a comment.

Also Read: Real estate developers acquire 1,947 acres of land valued at ₹32,203 crore in CY2023

In 2022, Microsoft Corporation (India) had acquired 10.89 lakh sq ft of commercial plot in Pune from Finolex Industries for a consolidated amount of ₹328.84 crore. The commercial plot located at Pimpri Waghere in Pune had been acquired through an agreement with Finolex Industries to transfer the lease for ₹328.84 crore.

Also Read: Tiger Shroff buys property in Pune for ₹7.5 crore; leases it immediately for ₹3.5 lakh per month

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