Steel major Tata Steel on Tuesday sold its 25-acre Borivali land parcel in Mumbai for Rs 1,155 crore to Oberoi Realty through e-auction
Property developer Oberoi Realty Limited, has been declared as the highest bidder at the auction of 25 acres of land owned by Tata Steel Limited and located on the Western Express Highway in Borivali (E).
A source from Oberoi confirmed the news.
The deal is said to be worth Rs 1115 crores.
Oberoi Realty won the tough bid defeating other realty majors, including TATA's own housing agency TATA housing, to acquire the property.
Tata Steel had launched the bid-cum-auction process for sale of the land parcel in on December 18 last year through public advertisements.
“Tata Steel completed the e-auction process yesterday for the sale of its above land with the participation of several well-known developers,” it added.
Oberoi Realty is still not sure of what they want to do on the site. Oberoi has a major project in Goregaon (East) currently.