Also looking to acquire land parcels in Bangalore, Hyderabad & Ghaziabad.
Shree Ram Urban Infrastructure (SRUI), the Vikas Kasliwal-run real estate company, is set to sell a part of its 26.5 lakh square feet in Shree Ram Mills in Worli (central Mumbai) for Rs2,475-2,500 crore, sources close to the development said.
The company is in talks with a venture fund that also has realty parcels and a few local developers for the same.
However, before the sale, the company will have to sort out a dispute over a part of the Mill land with the Kalpataru group.
“Though the exact size of the land parcel that will be hived off is not available, it is estimated to be about 5 lakh sft and would fetch Rs 4500-5000 per sft. The deal is expected to be closed before the month end,” said the source who did not wish to be identified.
Repeated attempts to contact the company officials failed.
“SRUI is developing a luxury residential project, Palais Royal, in the Mills land, which would have a saleable area of 8.8 lakh sft,” the source added. The Palais Royale was slated to be the tallest tower in Mumbai’s skyline before the Lodha group announced plans to build Mumbai’s tallest tower in Wadala and world’s tallest tower at Shrinivas Mills, Lower Parel.
The project was earlier projected to have 88 flats. However, it recently received approval from for a FSI (floor space index) of 4 from the Brihanmumbai Municipal Corporation. Now the company can build an additional 30 flats at the project, taking the total to 120. Of the proposed 88 flats, SRUI has already booked 51 and has received Rs231.65 crore as booking amount.
SRUI plans to acquire land banks to develop high-end properties, starting with areas where it has inherent strengths. It is targeting Bangalore, Hyderabad & Ghaziabad. It also plans to come up with township projects in Indore and Mysore.
The company expects to register a profit after tax of Rs2,400 crore from its Worli project, which it expects to complete by the end of 2012. Its present realisation is Rs50,000 per sft. The company’s market capitalisation is Rs400 crore at present.
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