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Even as residential property prices and home sales are stagnant in Mumbai, land deals are happening
at staggering prices.
Sales have declined 2 per cent in the fourth quarter of the financial year 2018-19 and prices have reduced by around same rate, according to Liases Foras, a real estate research firm.
On the contrary, land deals in the city have clocked big numbers. Recently, Japanese conglomerate Sumitomo Group had bid Rs 2,238 crore for a 3-acre plot in Bandra Kurla Complex (BKC) area of Mumbai. At Rs 745 crore per acre, this was the largest land deal in the country.
Sumitomo’s land purchase works
