Ispat Industry Sells Flats in Mumbai

18 January 2008, New Delhi. Ispat Industries is informally entering in to real estate industry. Ispat industry is known as a major steel producer industry and now they are planning to sell its property at Mumbai’s Peddar Road at a rate of about Rs 50,000 per sq. ft. Mr. Vinod garg, Executive director (marketing), has cleared “It is one of the prime locations in the city and we are expecting valuations of about Rs 50,000 per sq ft”. Further he added, “Our strength is steel and power and we want to be restricted to that”. It has mentioned very clearly that company has no plans of getting into the real estate business at present.

The company is planning to either sell the property as duplex flats of 8000 sq ft in 40 crores or as single flats 4,000 sq ft in 20 crore.

The company is in talks with property consultant Cushman and Wakefield for sale of the 112,000 sq ft residential property it has developed. The going rate in the area is close to Rs 50,000 per sq ft and the company hopes to realize similar rates.

It has signed memorandum of understanding (MoU) with the Chattisgarh government for setting up a thermal power plant with a capacity of 1,200 mw and another with Maharashtra for setting up a 1,000 mw power plant. Construction of a 110 mw captive power plant at Dolvi (Maharashtra) plant is underway.

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