Tata Autocomp Sells Land in Maan, Pune For INR 134 Cr

Property developer Titania Industrial Development has acquired a 13.26-acre parcel of land in the Maan neighbourhood of Pune for Rs 134 crore from Tata AutoComp Systems. On the land that the company sold was a structure measuring approximately 1 lakh square feet.

According to the Pune Metropolitan Regional Development Authority (PMRDA), Tata Autocomp Systems has already submitted an application to alter the zone of the parcel from industrial to residential.Titania Industrial Development has remitted two partial payments of Rs 15 crore and Rs 9 crore, equivalent to 24 crore, on October 4 and 6, respectively, out of the total consideration. 

According to documents accessed via CRE Matrix, the purchaser paid Tata Autocomp Systems nearly Rs 109 crore at the time of transaction registration on October 27.

Utilising the structures built upon the aforementioned parcel of land, Tata AutoComp Systems operated a technical centre, research and development centre, laboratories, prototype area, and assembly area.

All of these activities have been transferred to the company's alternative facilities located in Chakan and Hinjewadi, Pune.