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Mumbai July 2 Citra Developers Ltd, a 100 per cent subsidiary of Indiabulls Real Estate, has withdrawn its Rs 676-crore bid for 134 acre PAL-Peugeot land in Dombivli- Kalyan here. Citra Developers had bid for the property in a court conducted auction in April.

The land came up for auction after PAL Peugeot, defaulted on loans and went in for liquidation.

Sources close to Indiabulls said the decision was taken after an ‘internal review’.

The deal was considered one of the most expensive ones in recent times, given the location of the property, which is on the outskirts of the city. However, the Bombay High Court was informed that Citra Developers bid was much lower than the reserve bid of Rs 1,650 crore.

Consequently, Citra Developers was asked to either match the reserve bid or withdraw.

The sources said the valuations were far beyond market rates and hence it served no purpose to match the reserve price. The upfront payment Citra Developers made for the property has also been collected by it.

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Citra Developers withdraws Rs 676-cr bid for 134 acres

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