Hindustan Antibiotics Limited (HAL) was the first public-sector pharmaceutical firm. Commissioned in 1955-'56, the Pimpri plant manufactured bulk drugs, mainly penicillin, streptomycin, and a number of other formulations.
Considering that land costs in this industrial town range between Rs6,000 and Rs8,000 per square metre, the cost of Rs12,051 per sq m paid by the Ellora Group from Navi Mumbai has set the realty market abuzz. This is the third time the factory was put on the block.
HAL company secretary AS Vaidya said, "We are not allowed to disclose anything to the press. But the bid took place on Tuesday according to the tender process." Compared to existing flat rates of Rs2,500-Rs2,700 per sq ft, Gajra intends to sell flats at Rs3,000 a sq ft. The developer will get a developable space of 6 lakh square feet.
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