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Companies have realised that the property they are sitting on is worth a fortune. Now Sterlite Industries wants to cash in. CNBC-TV18 finds out that it will rake in an estimated Rs 80 crore (Rs 800 million) when it sells its 16,000 square meters property in Vidyavihar in Mumbai.
Cashing in on land, Mukand Steel got Rs 221 crore (Rs 2.21 billion) last year for a 25-acre plot in Kurla. Then it joined hands with a builder to develop a 23-acre plot two kilometres away, in Vidyavihar. And now, there's more action in this Mumbai suburb.
Metal company, Serlite Industries will dispose off its 4 acre, or 16,000 square metre property, which still houses its industrial sheds and an office that once served the warehousing needs of the company.
The company confirmed it has floated tenders and has appointed a consultant for the sale. Sources say Sterlite Industries has been looking for a buyer for this property in Vidyavihar for the past two-and-a-half years. Today, consultants and developers who are keen to acquire the property value the property at Rs 43,000 - 53,000 per square meter.
Consultants say the sale could easily earn Sterlite between Rs 70-80 crore. Recently it got Rs 41 crore (Rs 410 million) when it sold its 7,290 square metre plot to Parsvanath Developers in nearby Kurla.
Mumbai-based developers such as the Runwals, Kalpataru, Neelkanth, Kohinoor and Skyline have bid for Sterlite's property. Sources say a competitive bidding process will seal the deal in two or three weeks.