Tata AutoComp Systems sells over 13-acre land parcel in Pune’s Maan area
Tata AutoComp Systems has sold a land parcel measuring over 13.26 acres in Pune’s Maan area to real estate developer Titania Industrial Development for Rs 134 crore. The company has sold the land along with around 1 lakh sq ft structure on the same.
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.
