Three prime properties in Mumbai are up for grabs, thanks to the telecom department (DoT)’s proposal to the Group of Ministers (GoM) to monetise land assets of the state-owned telco BSNL.
The properties identified include 37 acres of land parcel in Borivali (West), 6.63 acres in Santa Cruz (West) and 25.5 acres in Deonar.
The telco has proposed to utilise the Borivali plot as residential or Special Economic Zone with corporate park. “No change in land use (CLU) would be required for residential development or IT/ITES SEZ whereas CLU permission would be required for a corporate park,” says a draft note prepared by the DoT for GoM. The draft note has been reviewed by dna.
The GoM which met on Friday on the issue, however, deferred a decision on this. However, they have given a nod to another issue under the revival proposal of BSNL -- hiving off of tower assets of the firm into a separate entity. For the Santa Cruz plot the options suggested are building core knowledge park with or without hospitality structure while and residential use while for Deonar options are residential use and IT/ITES SEZ.
BSNL has identified 82 land parcels valued at current circle rates of Rs.13,439.48 crore for monetisation in phase one. Initially, as a pilot project, BSNL has proposed to take up 10 land parcels from amongst them. Out of these 10 plots, the case for monetisation of five land parcels is being considered for GoM.
These three Mumbai properties are part of the above five plots. The rest of the two properties are in Sector 33 and Sector 18 in Noida. The proposal for the remaining land parcels is under process in BSNL. The state-owned telco is under financial stress for the last four years. It has incurred loss of Rs.7,884 crore as per the audited financial results of 2012-13.
This has affected its ability to compete in the telecom market. BSNL has also not been able to obtain capital for investment. The land assets possessed by BSNL are considered to be underutilized plots across the country.
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