Nusli Wadia-led Wadia Group recently sold its Wadia Tower, a four-storey commercial building, to Axis bank for Rs. 640 crore.

One of the three largest lenders in the country, Axis Bank is planning to set up its new headquarters in this particular tower. One of the costliest buildings in the country, Wadia Tower, stands in the compound of Bombay Dyeing Mill situated on Pandurang Budhakar Road. The total price paid for the building with a saleable area of over 4 lakh square amounts to Rs. 16,000 per square foot.     

The deal generated a lot of interest among Mumbai's real state players and majority of them pegged the price at Rs. 900 crore. But Axis Bank could manage to grab the deal at a lower price as a senior representative of a leading financial institution, who had a key role in the deal, managed to discount the deal for Axis Bank.

Being one of the oldest business families in the city, the Wadias possess high priced land bank in Mumbai. They have control over nearly 64 acres of land in prime locations of central Mumbai. Currently they are also involved in developing of 1 million square feet of residential space.