Hemisphere Properties, the company demerged with the surplus land of Tata Communications, has announced that the value of its land parcels which can be monetised is to the tune of Rs 19,000 crore. The value of its land parcels is based on current circle rate prices.
There is a possibility of the company partnering Tata Housing and Tata Construction to develop these land parcels for mixed use real estate which will mean malls, shops, apart from primarily residential development.
The Centre owns 26.12 percent shareholding while Tata Group owns an equivalent shareholding through Pantone Investments.
The Ministry of Corporate Affairs issued an order of demerger between Tata Communications and Hemisphere Properties India and under which 739.69 acre of land, located in Delhi, Pune, Chennai and Kolkata, was transferred into the company.
The company holds prime real estate land in Greater Kailash in New Delhi (69.46 acre), Padianallur, Chennai (53.04 acre), Dighi, Pune (524 acre) and Halishar, Kolkata (35.19 acre) and Chhatarpur, New Delhi (58 acre). The biggest land parcel by far is in Pune.