Madhur Bajaj to roll over 350 acres in land game
Bajaj Auto vice chairman Madhur Bajaj, who in his personal capacity owns over 350 acres of land under Emerald Acres, plans to liquidate a large portion of his land-holdings to unlock value as the real estate sector looks up after the downturn. Lalatendu Mishra reports.india Updated: Sep 16, 2009 23:43 IST
Bajaj Auto vice chairman Madhur Bajaj, who in his personal capacity owns over 350 acres of land under Emerald Acres, plans to liquidate a large portion of his land-holdings to unlock value as the real estate sector looks up after the downturn.
He said he has no plans to venture into real estate development in the next decade and would prefer sell outright large parcels of land to developers or sell through plotted schemes.
“We are land bankers,” Bajaj, chairman of Emerald Acres, told Hindustan Times. “We don’t have any expertise in construction and so we don’t want to get into development at this stage. We are in the process of valuing the land price and would put it for sell soon.”
He said Emerald Acres has nothing to do with the Bajaj group, as he had purchased land in the past four years through his personal money.
Emerald Acres owns land in the stretch between Mumbai and Pune highway and the largest piece of 124 acres is located at Lonavala, a hill station near Mumbai. The rest are in eight other locations including Murbad near Thane and Khandala, another hill station.
“A township can come up at the Lonavala land and all other plots are uniquely located. We are planning to sell these so that we can buy more land maximise the value,” Bajaj said.
Bajaj disclsoed that he had purchased the land cheap, and is not aware of their present market value. He has appointed a clutch of real estate consultants including Cushman & Wakefield to evaluate the land so that he could go public with the sale proposals.
“We are moving very slowly to become an integrated real estate company,” he said. “We want to learn the (real estate) business gradually, and do not have any plans to get into development in the next 10 years.” He plans to buy land worth over Rs 100 crore in the near future, he added.