Bharat Sanchar Nigam (BSNL) in Chennai, Tamil Nadu, is putting up eight land parcels for sale located in prime locations.
The process of monetising the 54.62 acre of land, which as per conservative estimates is collectively worth about Rs 1,250 crore, is expected to be completed by 2022.
The properties include those in residential and commercial hotspots such as P V Cherian Crescent Road off Ethiraj Salai in Egmore; Flower Bazaar, Triplicane, Royapettah and Vyasarpadi, together measuring 11.12 acre, and 43.5 acre in suburban areas like Ennore, Kallikuppam near Ambattur and near Chengalpet town, a mix of vacant land and buildings not in use.
In Royapettah and Vyasarpadi, the properties comprise staff quarters vacated after the implementation of VRS scheme for BSNL staff.
While the largest land parcel is at Ennore, comprising 30 acres, those in the core city are together spread over 192 grounds (one ground - 2,400 sq ft) could generate a revenue of around Rs 850 crore, with the 30 ground plot on posh P V Cherian Crescent Road alone worth nearly Rs 180 crore.
The properties will be put for sale through the department of investment and public asset management (DIPAM) functioning under the Union government. At Flower Bazaar, only vacant land is being subjected to monetisation.