Biggies like IndiaBulls and GVK-HCC consortium was pipped by a small firm Future City Properties, which quoted Rs 1,530 crore for a 250-acre plot in Navi Mumbai of City and Industrial Development Corporation of Maharastra (CIDCO).

CIDCO Managing Director G S Gill told PTI here that a company named Future City Properties emerged winner for the land after a bidding process that involved two other parties.

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Future City outbid IndiaBulls and the GVK-HCC consortium which quoted Rs 1,060 crore and Rs 880 crore, respectively, Gill said.

"Of the total 100 hectare (250-acre), we have plans to develop a theme park in 60 per cent of the land while the remaining portion would be used for developing residential and commercial properties, he said.

CIDCO will hold a 26 per cent stake in the project, Gill said.

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