Tata Steel Board today declared M/s Oberoi Realty Limited as the highest bidder of the auction on the basis of their final bid of Rs 1155 crores, after several rounds of bidding. As per the laid down process, the sale will be concluded after all requisite permissions are obtained, said the announcement on the stock exchange.
In which case, Oberoi Realty is now required to pay 10% of bid value as earnest money deposit (EMD) within 2 days of signing the letter of intent (LoI). The balance due is to be paid by April-end 2014. Sources say, the LoI is likely to be signed on 29th April 2014. If the developer fails to obtain the requisite NOCs within three months, the MOUs would automatically be cancelled.
Oberoi Realty is understood to have outbid other big industry guns like Lodha Group, Kalpataru, Peninsula Land, Indiabulls & Tata Housing Development Ltd that were in the fray. The issues revolving around the acquisition of the non objection certificate (NOC) from the labour authorities and collector's permission for the sale of Sanad property forming part of the entire Tata Steel property is keeping Tata Housing in the race, according to sources.
In which case, Oberoi Realty is now required to pay 10% of bid value as earnest money deposit (EMD) within 2 days of signing the letter of intent (LoI). The balance due is to be paid by April-end 2014. Sources say, the LoI is likely to be signed on 29th April 2014. If the developer fails to obtain the requisite NOCs within three months, the MOUs would automatically be cancelled.
Oberoi Realty is understood to have outbid other big industry guns like Lodha Group, Kalpataru, Peninsula Land, Indiabulls & Tata Housing Development Ltd that were in the fray. The issues revolving around the acquisition of the non objection certificate (NOC) from the labour authorities and collector's permission for the sale of Sanad property forming part of the entire Tata Steel property is keeping Tata Housing in the race, according to sources.
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