mumbai indiabulls real estate picked up its fourth national textiles corporation ntc property in mumbai after it won the bid for the overeightacre bharat textiles mills land near worli naka for rs 1505 crore on friday at twice the reserve price rs 750 crore fixed by ntc the deal works out to about rs 188 crore per acreinterestingly just a day earlier a source in indiabulls had told toi that the company would not bid aggressively for this property because of its poor frontage on friday it seemed to have changed its mind and went the whole hog for this prime landsources believe this was in anticipation of getting a parking fsi of 4 from the state government incidentally this is the highest price that a defunct mill property in mumbai has fetched to datethe company which is into real estate power and financial services last week won another ntc millthe 23acre poddar mills at worli nakafor rs 474 crore as against its minimum price of rs 250 croreindiabulls has been creating ripples in mumbais property market since itentered the real estate business five years ago when it bought ntcs jupiter mills for rs 276 crore and elphinstone mills for rs 441 crorethe eauction for bharat mills which commenced on wednesday saw a necktoneck bidding between indiabulls and the lodha group during the final hours lodha stopped bidding at rs 1503 crore while the third highest bidder peninsula land piramal did not stretch itself beyond rs 1409 crore in the last one hour the bids shot up by over rs 150 crore from rs 1350 crore to rs 1505 crore ntc chairman k ramachandran pillai told this newspaper on friday nightwe are glad to have emerged as the successful bidder in the very closely contested auction of bharat mills all large real estate players were participating till the last bid both bharat and poddar mills will enable us to continue on our journey of delivering the best and classiest products in mumbai said vipul bansal ceo indiabulls real estatesources said indiabulls quoted this high price because it was confident that the state government would allow it to utilise parking fsi on this land according to the government policy if a developer sets up a multistorey public parking tower on a portion of its land and hands it over free of cost to the bmc it is entitled to get fsi as high as 4 in the free sale componentindiabulls will be able to get a development potential of 20 lakh sq ft if parking fsi is approved the question is does this locality need public parking at a time when the government has already sanctioned over 25000 parking slots in the worliparelsewri belt the sources observedaccording to real estate experts with parking fsi indiabulls may have paid just around rs 13000 a sq ft for the land taking into account the future construction cost most likely it will be a residential project which will sell for over rs 25000 a