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India Real Estate for Sale

Tuesday, March 18, 2008

Mumbai is set to break its record for land prices

The Mumbai Metropolitan Region Development Authority will offer plots for office space at a reserve price of 300,000 rupees a square meter ($690 a square foot), anticipating the buyer will convert the former marshland at Bandra-Kurla Complex into India's version of Canary Wharf, the financial development built in London's disused docklands.

``It will definitely exceed the reserve price as the city offers a lot of opportunities and doesn't have sufficient surplus land,'' said Anuj Puri, the India head for Jones Lang LaSalle Meghraj in Mumbai. ``BKC will emerge as what Canary Wharf is to London.''