Mumbai-based Lodha Developers has acquired Clariant Chemicals’ 87-acre plot of land in Thane, Mumbai, for ₹1,154 crore. The Indian arm of Switzerland-based Clariant International announced the deal in a filing to the BSE, on Tuesday.

“The company has entered an agreement to sell its land located in Kolshet, Thane, to Ishwer Realty and Technologies, a subsidiary of Lodha Developers,’’ Clariant said.

Last July, Clariant had taken shareholder approval to sell the parcel of land. The transaction is subject to customary closing conditions, relevant approvals and permissions from the government and other statutory bodies.

The Lodha Group plans to develop residential projects on the said land and expects to have all the permissions in place in 12 to 18 months.

Abhinandan Lodha, Deputy Managing Director, Lodha Group, said: “Thane is a rapidly developing part of the Mumbai Metropolitan Region and we see strong, sustained demand for quality homes in the region.”

The Group is currently developing over 35 million sq ft of prime real estate, and has over 20 projects in Mumbai, London, Pune and Hyderabad.

In the last 12 months, the group has acquired two other landmark land parcels, the 17-acre Mumbai Textile Mills parcel from DLF for ₹2,700 crore, and the landmark Washington House property from the US Government, on Altamount Road in Mumbai, for ₹342 crore.

On Tuesday, Clariant Chemicals’ scrip closed at ₹700, up 6.08 per cent from its previous close, on the BSE.