Peninsula to buy stake in Mumbai land

MUMBAI, April 25 (Economic Times): Peninsula Land is buying stake in a Mumbai land parcel for close to Rs 4.0 billion, sources with direct knowledge said. The real estate developer will build a residential project on the 18-acre Sewri land along with partners HEM Bhattad Developers and IL&FS who presently own the project with 35-65 equity holding. The Sewri land is next to Ashok Gardens, a luxury residential project by Peninsula Land. Sources said, the deal is close to completion, it is waiting for the final approval of an FSI (floor-to-space index) of 4 under cluster re-development. Experts said, a higher FSI could make the project lucrative for Peninsula Land. Peninsula Land and all the parties involved in the deal have declined to comment on the development.