PAL-Peugeot land in Dombvali goes for Rs676crores.

It was seen as jinxed automobile venture where nothing seemed to go right leading to a closure of operations in late -1997.However it staged one of its most dramatic comeback on Tuesday when its defunct 134-acre plant in Kalyan-Dombivli area was sold for 676 crores.Citra Developers struck one of the most expensive deals in a suburb that is 50 km from Mumbai.Hot on Citra's heels was Metropolitan Infrahousing whose bid was short by merely Rs 1crore.It works out to roughlyRs5crores an acre.All this shows that land with a clear title still attracts big developers.Officials say that this property is ideal for development of an integrated special economic zone. Citra's has already paid Rs30 crores and has been granted ten days to pay the 25% of the balance to court receiver. After they will pay the 25%amount, court receiver will submit a report to the Bombay High Court for sanction of sale.