For a good deal: Cor­po­rates sell­ing sur­plus as­sets

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Vandana Ram­nani vandana.ram­nani@htlive.com

Al­most four months af­ter the gov­ern­ment’s de­mon­eti­sa­tion move, many multi­na­tional com­pa­nies are look­ing at sell­ing as­sets they have owned for sev­eral years or per­haps ac­quired by way of merg­ers and ac­qui­si­tions.

This week an in­ter­na­tional real es­tate con­sul­tancy ad­ver­tised for the sale of prime res­i­den­tial flats in Mum­bai and a bun­ga­low in Delhi, both of which are owned by multi­na­tional com­pa­nies. The first ad­ver­tised the sale of a 4BHk bun­ga­low at Sar­dar Pa­tel Marg in Delhi and the sec­ond in­cluded three apart­ments in south Mum­bai.

“Some mo­ti­vated sell­ers in to­day’s prop­erty mar­ket in­clude fi­nan­cial in­sti­tu­tions sell­ing off prop­er­ties that are ei­ther non­per­form­ing as­sets or prop­er­ties owned by big cor­po­rate ac­quired by way of ac­qui­si­tions and merg­ers. These are all part of sur­plus as­sets owned by them. Sell­ing prop­er­ties for these com­pa­nies is more of a busi­ness de­ci­sion. Most of them are avail­able for re­al­is­tic prices, ”say real es­tate ex­perts.

“We have re­ceived more than 40 se­ri­ous queries. Buy­ers who were ear­lier only win­dow shop­ping are now se­ri­ous about mak­ing a pur­chase. For the well­heeled end-buyer or in­vestor who has knowl­edge of the mar­ket, there is still a lot of in­ter­est in in­vest­ing in real es­tate,” says Shveta Jain, man­ag­ing di­rec­tor - Res­i­den­tial Ser­vices at Cush­man & Wake­field. Last year, a lead­ing cor­po­rate gi­ant had sold its iconic south Mum­bai guest house Al­ham­bra, which was built by the sul­tan of Darb­hanga, for around ` 170 crore.

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