The family of Robert Negoita, the mayor of Bucharest's District 3, has bought a plot of over 10 hectares, part of the former Tubinox pipe factory, from the Indian steel group Viraj.

Profit.ro estimates the deal at EUR 10 million.

The Negoita family will use the land to develop its biggest residential project so far, with about 3,500 apartments.

The buyer was Future Business Ideas, a company indirectly controlled by the parents and older sisters of Robert and Ionut Negoita.

The urban development indicators specific to the area show a land-use coefficient of 3, which would allow the development of a built area of​about 300,000 sqm, the equivalent of over 3,500 apartments, according to Profit.ro calculations.

Contacted by Profit.ro, Ionut Negoita and the family representatives did not comment.

The Negoita family is now involved in developing the Hills Pallady residential complex, which will replace the former Romcarton factory in eastern Bucharest with almost 2,000 apartments.

Before the real estate crisis of 2008, Ionut Negoita and his brother Robert Negoita, who officially retired from business after becoming the mayor of District 3, developed three residential complexes with over 3,000 housing units that they sold entirely.

After a break of several years in which the two were not involved in real estate, they returned, indirectly, in 2014 with the Palladium Residence project.

(Photo: Pixabay)

andrei@romania-insider.com