"We have not done our valuations for these properties. However as per our internal estimates, the value of these properties would be about Rs 1000 crore (Rs 10 billion)," chairman, LIC, AK Shukla said.
He was speaking after laying the foundation stone for constructing a building under LIC housing scheme for Indian Overseas Bank.
The corporation had created a strategic business unit for the project and would be consulting with the property experts for the valuation.
It has also received the Board's approval to bring international consultants also in this process and the valuation is expected to be completed in three months. "LIC's present return on properties is less than three per cent," he said.
Asked about what would be split between the residential and commercial projects, he said it would depend upon the places and it could be mix of both.
The corporation was in the process of improving its services with the help of IT and other initiatives like satellite sampark offices.
LIC is also planning a data warehousing centre, which will have records of all policies in one place. This is expected to come up in the next two year. "Any LIC office can access the data and offer better service," he added.
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