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State-owned fertilizer maker RCF is working on a plan to convert a portion of 277 acres of prime land it uses for employee residences into a commercial development of residential properties. The residential buildings in Mumbai’s Chembur area are due for redevelopment, which is estimated to cost between Rs390 crore and Rs400 crore.
The land currently under residential use will be shrunk to 50 acres by converting about 100 two and three-storeyed buildings into high-rise apartment complexes. The rest of the land can be offered for commercial development. RCF’s chief financial officer Gautam Sen confirmed the plan.
There will not be any finance induction by RCF for the redevelopment of its residential buildings as alternative options are being worked out, which includes a commercial development plan. RCF proposes to take up the project on the basis of a three-way agreement in which the Maharashtra government and a pre-qualified construction group will be involved, besides RCF. The construction group that leases the land for commercial development will be required to redevelop the company’s residential areas at no charge.
Land costs in the area are between Rs10-15 crore an acre, going as high as Rs20 crore an acre depending on location. At an average cost of Rs15 crore an acre, RCF’s land alone can be valued at Rs12,000 crore. The location of the land, stretching right up to the sea, could substantially increase its commercial value. RCF has been exploring options to capitalize a large part of the surplus land, but a land utilization agreement that the company signed with the Maharashtra government at the time of the original allotment of the land for industrial use does not permit it to use it for any other purpose.
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| Company Name | CMP |
|---|---|
| Coromandel Interntl. | 1207.00 |
| National Fertilizers | 95.40 |
| Chambal Fert & Chem | 392.70 |
| RCF | 139.40 |
| Paradeep Phosphates | 64.95 |
| View more.. | |
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