India's Rail Land Development Authority agreed to sell a 27-acre residential land plot to Godrej Properties Ltd. in a roughly 11.00 billion-rupee transaction, The Economic Times of India reported, citing unnamed sources.
The sources said the company outbid conglomerate Adani Group and local developer Eldeco. The people aware of the deal added that the real estate company's agreement with the rail land authority includes free construction of flats for the railways, with half of the flats allocated as affordable housing, according to the report.
The Rail Land Development Authority, according to the March 21 report, is selling six more land parcels in Indian metros.
The developer declined to provide a comment on the report when emailed by the publication.
As of March 21, US$1 was equivalent to 68.84 Indian rupees.