Sobha Developers, which was in talks with Shriram Properties for the sale of around 400 acres in four cities, is learnt to have called off its negotiations following differences over price, people familiar with the matter told ET.
While Sobha confirmed that talks have been called off, it did not provide details. Shriram Properties MD M Murli said his company was 'not pursuing the deal aggressively.'
Some of the land the firm had put up for sale include 100 acre at Hinjewadi in Pune, 3.8 acres on St Marks Road, Bangalore, 7 acres of NBCC land behind the Bangalore railway station, 330 acres comprising two islands of Valanthakad & Nadukeri and adjoining lands in Manakunnam & Thekumbaghom villages in Kochi.
The total value of these land could be between Rs 600 and 800 crore, according to estimates by Mumbai-based research firm Enam Securities.
The Economic Times