HUL focuses on selling properties in metros
Hindustan Unilever Ltd (HUL) is now thinking of disposing of its residential properties and plots after selling/leasing out its commercial properties last year.
The consumer goods giant is focusing on selling these properties basically in the metro cities which can garner revenue of Rs 100 crore.
About two dozen apartments and land parcels in posh localities in cities such as Mumbai, Kolkata and Hyderabad has been put forward by the group for sale.
Around 18 residential properties in Mumbai have been put on the block. The apartments are in the upscale localities in South Mumbai which include 1,250 sq ft flat at Cuffe Parade and an 855 sq ft flat at Altamount Road.
Also, other are in Bandra and Parel. These flats are expected to fetch about Rs 50 crore on sale. Also, flats in Kolkata, Hyderabad and other cities are likely to get a similar amount. In Hyderabad, HUL is selling a 25-acre plot in the multi-purpose use zone.
In the previous year, the group had sold a commercial property on Worli Seaface in Mumbai to the Ajay Piramal Group for Rs 452 crore. The list also includes its former headquarters in Churchgate in Mumbai.
As per sources, since the company has shifted its headquarter to Chakala in Andheri in Mumbai, the group has planned to dispose off the apartments now.
Furthermore, as per another official, the group has sold most of its apartments in South Mumbai but has not witnessed good response for other areas. So, the company is repeating advertisements as it had not got enough buyers for these apartments earlier.
However, this year less number of flats have been taken as the real estate market is down.
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