Rajshri Mehta
The National Textile Corporation (NTC) Ltd plan to will sell its 2.5 acre Poddar Processors textile mail at Worli Naka through an e-auction.
The move comes following the Board for Industrial and Financial Reconstruction's (BIFR) suggestions by to auction off the property online. The e-auction - expected to be called sometime in late June - will have a reserve price of over Rs200 crore.
With the e-auction, NTC wants to test a system that will allow all qualified bidders to track the process in real time. Senior NTC officials say they are working on the bid document for the e-auction and hope to issue it in the first week of June.
Meanwhile, the NTC also issued bids to sell its eightacre Bharat textile mill through a regular auction at a reserve price of Rs750 crore. Property experts say the average asking price for the land is roughly over Rs22,000 per sq ft.
A senior official from Jones Lange LaSalle Meghraj said the bid may not receive a huge response if the developer was asked to develop the mill only for residential purpose. "The bids will be huge only if the land is used to construct a hotel as one can then avail a floor space index of 5," the official said.
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