Land belonging to Calico Mills, a trendsetter in the textile industry, will be put on sale.
One of the oldest textile mills in erstwhile 'Manchester of East' is on sale. More than 2.39 lakh square metre of land belonging to the Ahmedabad Manufacturing and Calico Printing Mills Co Ltd, popularly known as 'Calico Mills', is on sale.
The upset value has been pegged at Rs203.46 crore.
The move comes after a Gujarat high court order in this connection. It should be noted that the Calico Mills, set up by Sheth Karamchand Premchand in 1888, became one of the most modern and extensively diversified pacesetters of Indian cotton industry under the leadership of Ambalal Sarabhai. The mill found itself in financial trouble during 1982 and later went into liquidation.
"The sale proposal has received a good response as so far around 30 bidders have shown interest in purchasing the land," said sources. "The reasonable upset value fixed by the official liquidator is one of the major reason for the good response from bidders," said a source in the real estate market.
It should be noted that the super structure, plant and machinery including chimney and quarters at Jamalpur were sold following a high court order in 2003. The bids will be opened by the official liquidator on April 24, 2010.
Moreover, around 27,000 square meter land of Vijay Mills in Asarwa is also available for sale at upset value of Rs22 crore. The real estate players are looking at the auction as a good opportunity to build affordable houses for the lower and middle income group.
The land owned by the mill has been lying ideal for many decades. "More land will be released for construction on account of this sale which is good news for the real estate developers as well as potential buyers," said Jaxay Shah, president of Confederation of Real Estate Developers Association of India (Gujarat).
"Land for construction, particularly in the city area, is very limited resulting in higher prices of property and expansion of the city," said Shah.
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