BSNL to sell 8 Chennai properties worth Rs 1,200 crore – Times of India

CHENNAI: In perhaps the first case of a central Public Sector Unit (PSU) in Chennai putting up a number of its properties in prime locations for sale, eight land parcels belonging to BSNL will be up for grabs.
The process of monetizing the 54.62 acres of land, which as per conservative estimates is collectively worth about Rs 1,250 crore, is expected to be completed by next year.
The properties include those in residential and commercial hotspots such as P V Cherian Crescent Road off Ethiraj Salai in Egmore, Flower Bazaar, Triplicane, Royapettah and Vyasarpadi, together measuring 11.12 acres, and 43.5 acres in suburban areas like Ennore, Kallikuppam near Ambattur and near Chengalpet town, a mix of vacant land and buildings not in use. In Royapettah and Vyasarpadi, the properties comprise staff quarters vacated after the implementation of VRS scheme for BSNL staff last year.
While the largest land parcel is at Ennore, comprising 30 acres, those in the core city are together spread over 192 grounds (1 ground = 2,400 sq ft) could generate a revenue of around Rs 850 crore, with the 30-ground plot on posh P V Cherian Crescent Road alone worth nearly Rs 180 crore.
Official sources with BSNL said an assessment of the market value of the identified land parcels will be taken up soon. “We are expecting that the process of monetization of the land parcels will conclude by next year,” a BSNL official said. The properties would be put for sale through the department of investment and public asset management (DIPAM) functioning under the Union government. “At Flower Bazaar, only vacant land is being subjected to monetization,” the official added.
The news has gladdened the real estate sector. K Chandrasekar managing director of Rajam Property Management Services Private Limited, said that instances of land parcels of a central PSU in Chennai being put up for sale were rare. Builders Association of India state secretary S Ramaprabhu said that except for the property in Flower Bazaar, which is in the commercial nerve centre of Broadway, the other four properties in the city could emerge as residential developments.