A vital 3-acre industrial land in Bengaluru was purchased by the Dolo-650 manufacturer Micro Labs Limited for Rs.111.07 crore, per property registration records that Propstack, a real estate data analytics website, reviewed.
The deal was registered as a Property conversion. Property conversion is the process of changing agricultural property into non-agricultural usage. For example residential, commercial, or industrial uses. Typically, this process is done by obtaining the essential licenses and paying a fee to the local authorities.
According to the paperwork and official documents, the property was purchased by Bengaluru-based Anushka Constructions Private Limited to a company that makes and distributes medication formulations.
Records show that stamp duty of Rs. 6.22 crore was paid on September 5, 2024, when the land deal was registered.
One of India's largest privately held pharmaceutical companies, Micro Labs Limited has been in operation since the year 1973. According to the company website and sources, the pharmaceutical company has operations at the ground level in 25 of the 50 countries in which it is present.
Recently, Manipal Hospitals, a healthcare company based in Bengaluru and supported by Tamesek Holdings of Singapore, purchased a hospital property in Andheri, Mumbai, for Rs. 415 crore.
The Deed of Transfer between Manipal Health Enterprises Private Limited and the seller, Khubchandani Properties and Investment Private Limited, was registered on the month of October 7, according to the official document.
In the year 2023, Singapore based Sovereign wealth fund Temasek Holdings had gotten a key stake holding in the Manipal Hospitals for $2 billion.
The hospital's land area is 10,590 square meters. The hospital occupies 20,851.65 square meters (built-up) and was constructed on a plot of land that is nearly 2.61 acres in size.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
