Mumbai mill auction may push up real estate prices
PUBLISHED 13 February 2007
dailyindia.com he state-run National Textile Corporation (NTC) has decided to put four more mills in central Mumbai up for auction, a move that could push real estate prices through the roof.
The NTC’s proposed auction of four mills in Worli and Parel could raise real estate prices in central Mumbai because developers are expected to bid ‘higher than-market’ rate for the around 40 acres of prime land, freeing it for private developers in this ‘land-starved’ metropolis.
The state-run textile company has already raised around Rs.20 billion from its first phase of sales from the auction of five mills after the Supreme Court lifted the legal obstacle on the sale of Mumbai mill land in March 2005.
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