The said property falls under the industrial zone and Tata Autocomp Systems has already made an application to Pune Metropolitan Regional Development Authority (PMRDA) for change of the plot’s zone to residential.
Of the total consideration, Titania Industrial Development has paid Rs 24 crore in two tranches of Rs 15 crore and Rs 9 crore on October 4 and October 6, respectively. The buyer paid nearly Rs 109 crore to Tata Autocomp Systems at the time of registration of the transaction on October 27, showed documents accessed through CRE Matrix.
Tata AutoComp Systems was operating a research and development center, technical center, laboratories, prototype, and assembly area from the structures constructed on the said land parcel. The company has relocated all of these activities to its other facilities in Pune’s Hinjewadi and Chakan premises.
The Tata group company has retained all the employees working here and relocated them to other Tata AutoComp premises. According to the agreement, the company has confirmed that there is no requirement of labour no objection certificate (NOC) for this sale of land.
ET’s email queries to Tata AutoComp Systems remained unanswered until the time of going to press. Titania Industrial Development could not be reached.Tata AutoComp Systems provides products and services to the Indian and global automotive original equipment manufacturer (OEM) as well as tier 1 suppliers. It has nine joint ventures in partnership with leading companies from the global auto component Industry. Tata AutoComp has its own capabilities in automotive interior and exterior plastics, composites, sheet metal stampings as well as engineering and supply chain. The company has 51 manufacturing facilities spread across India, North America, Latin America, Europe, and China.
Transactions for land parcels have started to gather pace again with many deals including outright acquisitions and joint ventures in key property markets of Mumbai, Pune, Chennai, Hyderabad, and Bengaluru either being closed or expected to close soon.
The ongoing upcycle in the housing market segment is prompting more real estate developers to opt and propose residential developments on their land parcels that are already part of their land bank or are being acquired now.
