10 acres of mill land in Worli expected to go for Rs 1,000 cr | mumbai | Hindustan Times
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10 acres of mill land in Worli expected to go for Rs 1,000 cr

mumbai Updated: Jul 24, 2010 01:36 IST
Naresh Kamath
Naresh Kamath
Hindustan Times
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The sale of two mills in Worli is set to fetch the National Textile Corporation (NTC) at least Rs 1,000 crore over the next fortnight.

The reserve prices for the mills — the 2.5-acre Podar Processing Mills and the 8-acre Bharat Processing Mills — have been fixed at Rs 250 crore and Rs 750 crore respectively. The second deal would set a new record. The current record stands at Rs 702 crore, the price at which Mumbai Textile Mills at Lower Parel was sold in 2005.

Normally, such sales net NTC far more than the reserve price. Officials, however, refused to speculate on how high the bids would go.

Ultra-luxury housing complexes — out of reach for most Mumbaiites — are expected to come up on these mill lands.

Eight major developers will fight an online bidding battle from July 29 to 31 for Podar Processing Mill. The bidders for Bharat Processing Mills will be short-listed on Monday and the bidding will take place from August 4 to 6.

K. Ramchandran Pillai, NTC’s chairman and managing director, told Hindustan Times he was confident of getting a good price as the realty market was emerging from a slump. “The auction has generated great interest,” said Pillai.

The developers short-listed for Podar Processing Mill are Indiabulls Infratech, National Building Construction Corporation, Kohinoor Duet, Peninsula Megacity, Celebration Developers, Runwal Group, DB View Infracon, Lodha Ultimate Buildtech and Farms Ltd.

Realty experts shared the optimism. Pranay Vakil, chairman of Knight Frank India, a real estate consultancy, said: “Homes sales have dropped, but developers are adding to their land banks. They expect the market to bounce back by Diwali.”