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G. Gurumurthy

Coimbatore , Oct. 30

THE ailing National Textile Corporation's (NTC) long cherished dream of realising the sale of land held under the Mumbai-based NTC textile units appears now at arms length.

With the Brihanmumbai Municipal Corporation authorities finally according permission to the corporation for sale of lands of the seven NTC units in Mumbai, the latter has now appointed a group of real estate consultants to facilitate the Mumbai land sale, according to Mr K. Ramachandran Pillai, Chairman and Managing Director of the NTC holding company.

Mr Pillai, who was here in connection with a meeting held at the NTC's TN & P subsidiary, told Business Line that his corporation was confident the latest exercise would lead to an early realisation of Mumbai land sale.

Mr Pillai would not go into details on the extent of land from the seven closed NTC units in Mumbai offered for sale. He, however, said the total land to be put for sale in Mumbai is expected to fetch the NTC around Rs 1,000 crore.

Among the real estate consulting firms chosen by NTC for promoting the Mumbai land sale are Cushman and Wakefield, Knight, IAG Consultants and ABN Technologies, and the NTC textile units whose lands are put on the blocks include Kohinoor, Jupiter Mills, Apollo and Elphistone.

Mr Pillai said the price bids received so far for the lands put on sale in Coimbatore fell short of NTC's expectations and could still be improved upon, considering the warming up of the real estate market in the city in recent months.

To realise this, the holding company will in a week's time finalise engaging professional real estate consultants for the Coimbatore lands too. The NTC administration, in order to get optimum price realisation for its real estate properties identified for sale across its nine subsidiaries in the country, has of late opted for roping in reputed real estate consultants to assist in the surplus land sale.

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Mumbai land sale: NTC appoints real estate consultants

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