For More Information Visit: www.propertiesmls.com
and www.indiarealestateblog.com
and www.propertyvertical.com
The booming real estate market in India has caught the attention of the Board for Reconstruction of Public Sector Enterprises (BRPSE) as a route for reviving sick public sector units.
BRPSE’s new chairman Nitish Sengupta has suggested that at least three ailing companies, which have been referred to the board, hive off some of their land and get into real estate development to become profitable again.
The companies are Bangalore-based Indian Telephones Industry (ITI), Hindustan Machine Tools (HMT) Ltd and Fertilisers and Chemicals Travancore Ltd (FACT) in Cochin.
“Real estate is now an industry. These three companies have a lot of surplus land and this can be used for real estate development,” Sengupta told Business Standard.
Sengupta earlier suggested that these companies sell some of their land but HMT officials said they are not allowed to do so.
“Now, I have asked them to tie up with promoters or real estate developers for rental earnings. This will help pay a large part of their debt,” he said. However, the CPI(M)-backed Centre for Trade Unions (CITU) thinks it will be a “disaster to give factory land for housing societies”.
CITU Secretary Dipankar Mukherjee said: “These companies require financial restructuring, but the government is backtracking from this duty. Keeping in view the product profile (of these companies), this proposal is absolutely uncalled for.”
Apart from these three companies, the BRPSE has recommended that Srinagar-based HMT Chinar Watches Ltd be handed over to the Jammu and Kashmir government.
“The first preference is to give it to the state government. If it is not interested, other public sector or private companies can take it over,” said Sengupta.
“HMT Chinar used to make mechanical watches, which don’t have a market anymore. The factory is close to the Srinagar airport and can be used for other purposes,” he added.
Earlier, the proposed divestment of HMT Chinar had to be shelved as the company could not attract private players.
- Related Videos
- Related Articles
- Ask / Related Q&A
Choosing Your New Neighborhood by the Schools
By: Lokesh | 07/12/2009There are a host of factors which need to be considered prior to moving to a new home. The one factor that is the most critical and cannot be compromised upon is the schooling need of your child. It is for this reason that most people would choose the school they desire first before identifying and selecting a neighborhood based on the school. The article aims to list down the advantages associated to choosing a neighborhood by your child’s school.
What to do when Foreclosure is Slow
By: Samanta | 07/12/2009This doesn’t seem to be a very popular question: How can you get lenders to hurry up the process of foreclosure?
Wisely Preparing Budget for Bathroom Renovation
By: Marikor Hidalgo | 07/12/2009Aside from the bedroom, the bathroom is one area where you could relax after a tiring day. To sustain this area’s good condition, you might want to consider renovating it. There are two ways you could remodel this part of the house – DIY improvements or elaborate detailing.
It is important to have your appraisal done by a reputable agent
By: Paul Ingersole | 07/12/2009The cost of the appraisal process is generally part of the closing costs. The majority of appraisals are paid for by the buyer. However, there are some sellers who agree to pay the cost of the appraisal in an effort to help their home sell faster. The cost of a real estate appraisal varies by area, but it is generally at least a few hundred dollars.
For real estate appraisals, there are pages of forms to be completed
By: Paul Ingersole | 07/12/2009Many individuals collect antiques but have no idea what the value of them are. Antique appraisal forms are a great way for you to be able to verify the value of any item. This can be for your own personal records, in an attempt to sell the antique, or to use the antique as collateral.
Property in France - Rules 1 And 2 For Buying French Property
By: Frank English | 07/12/2009When you hear stories of buying property in France you get a mixture of tales of absolute bargains and complete nightmares. Like most things, the truth lies somewhere between the two. Depending on where you come from there may be great deals to be had but unless you are actually French there are a few secrets to coping well with buying French property.
Underwater Sculpture Museum – A welcome addition of Cancun Real Estate region
By: Tom Budniak | 07/12/2009Cancun Real Estate region has been a tourism and real estate magnet for many years. Every year, tourists, real estate investors and retirees comes to Cancun to enjoy its great lifestyle, culture and beauty...
Relocation Tips: Finding the Right School for Your Child
By: Joe Cline | 07/12/2009Relocating can be a very trying time for the entire family, but it often hardest on children who still live at home. Because they are often moving away from their friends and a school that they are settled in and used to, it’s important to make the transition as easy as possible for them.
Global Investment Banks to Invest $500mn in Unitech Spv
By: Propertiesmls | 24/03/2008 | Real EstateNEW DELHI: Private equity players Lehman Brothers and Deutsche Bank are set to make a combined investment of $500 million in an SPV floated by India’s second-most valued real estate developer Unitech, according to a person close to the development.
Real Estate Firms Eyeing Low-cost Residential Projects
By: Propertiesmls | 19/03/2008 | Real EstateNEW DELHI: Playing on the simple economics of low margins-high volume, realty majors are now adding low-cost residential projects to their portfolio. Omaxe, DLF, Ansal API, Parsvnath, BPTP, et al are setting their eyes on the small and mid-income home buyer segment and lining up projects which will meet the aam aadmi’s need.
Sick Govt Firms Can Get Into Real Estate
By: Propertiesmls | 06/02/2008 | Real EstateThe booming real estate market in India has caught the attention of the Board for Reconstruction of Public Sector Enterprises (BRPSE) as a route for reviving sick public sector units.
Mohali-city of Future
By: Propertiesmls | 03/02/2008 | Real EstateGiven its strategic location and development of infrastructure, Mohali is the city of the future and it would give a tough competition to Chandigarh in the years to come, feels Gursharan Batra, president of Chandigarh Overseas Private Limited, promoters of the Fashion Technology Park (FTP) in Sector 90 of Mohali.
Better Infrastructure to Give Thrust to Property Prices
By: Propertiesmls | 30/01/2008 | Real EstateWith Himachal’s new BJP government showing positive inclination towards developing the much-needed infrastructure in the state’s industrial hub of Baddi-Barotiwala-Nalagarh, the hopes of the realtors regarding a boom in real estate sector have been revived.
Dlf Sells Stake in Kenneth Builders to Indiabulls Real Estate
By: Propertiesmls | 24/01/2008 | Real EstateDLF Ltd., India’s biggest developer, said it sold its stake in Kenneth Builders and Developers Ltd. to its equal partner in the venture, Indiabulls Real Estate Ltd.
Emaar, Fortis Plan Jv to Set Up 25 Hospitals
By: Propertiesmls | 21/01/2008 | Real EstateRealty company Emaar MGF Land Limited (Emaar MGF) and Ranbaxy Group-promoted hospital chain Fortis Healthcare plan to form a joint venture to set up 25 hospitals across major cities in India, with an investment of Rs 1,200 crore.
Lic Calls Bids to Consolidate Real Estate Biz
By: Propertiesmls | 17/01/2008 | Real EstateNew Delhi: India’s largest life insurance firm, Life Insurance Corp. of India (LIC), on Wednesday said it plans to consolidate its real estate portfolio across the country.