RMZ Corp, Bangalore-based real estate developer, has bought around 25 acres of land in the outer ring road area of the city from another developer, Adarsh Developers, to increase its footprint in the city. According to highly-placed sources close to the development, the land deal was clinched with an approximate value of Rs 4-5 crore per acre. "RMZ was looking for land in the recent past in the Bangalore market. They had also floated advertisements for the same. The present land parcel, which is in the outer Ring Road area of the city, is likely to be developed as a Special Economic Zone (SEZs) in the near future," an industry source said. Adarsh Developers had around 300 acres of land in the outer ring road area, of which the company had monetised this land parcel, he added.
8 Dec 2010 Business Standard
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