Mercantile Bank Building in Vashi sold to Shah Group | INRnews
The building situated in Sector 17 of Vashi was sold through open auction. The Shah Group had bagged the property with its highest bid of Seventy Three Crore and Seventy Six Lakh Rupees. Thereafter, certain legal procedure took its time, but all hurdles are said to be almost clear now with CIDCO issuing a No Objection Certificate to Mercantile Bank and the Shah Group paying the first installment of the sale amount to Mercantile Bank.
As per the CMD of Shah group Sri. Nalin Shah, he intends to build a 25 storyed building at this site to create a Mall and Ultra Modern Office Space. Architects from outside India will be called for construction of the proposed Mall and Ultra Modern Office Space. According to Sri. Shah, lifts will be provided in the building for parking cars on different floors.
Sri. Nalin Shah elaborated that no more commercial space is available in Sector 17 of Vashi, and the shops there are not for sale. The prevalent rate here is Rs. 70 thousand per sq. ft. Under the circumstances, the price paid for the Mercantile Bank property is not high he opined.
By INRnews Correspondent