MTNL ropes in DTZ, Feedback Infrastructure to ... - Real Estate India

??|?? January 20, 2013 ?? 06:03am ??|Contributed by manoja

MUMBAI/BANGALORE: State-run telecom company MTNL has mandated property consultant DTZ and Feedback Infrastructure Services to help it monetise its 0.78 million sq ft of built-up office space, and land parcels in Mumbai and Delhi, persons familiar with the development said.

The consultants will also help MTNLBSE 1.89 % in its plan to develop about 50 land parcels aggregating 6.10 million sq ft in these cities either on its own or in joint ventures with developers.

MTNL and DTZ did not respond to emailed queries. According to an early estimate, MTNL is aiming to derive around . 5,000 crore through the sale of property. Based on the appointed transaction advisor?s report, the telecom company will decide if it is feasible to develop these 50 land parcels in a phase-wise manner on its own through a contractor or to enter into joint development agreement with builders.

In an earlier interaction with ET, MTNL chairman and managing director AK Garg had confirmed that the company had invited bids from consultants. ?Based on the business model proposed by the property consultant , we will sell some land parcels and jointly develop some units. We expect this will bring in a couple of hundred crores annually,? Garg had said then.

The company is already working on generating revenues from real estate and for the ongoing fiscal, it had estimated a rental income from leased out properties to be about Rs 100 crore and hoping to increase this to Rs 150 crore in the next fiscal . For the quarter ended September 30, MTNL posted a net loss of Rs 1,093 crore with revenue of Rs 842 crore.

http://economictimes.indiatimes.com/markets/real-estate/news/mtnl-ropes-in-dtz-feedback-infrastructure-to-monetise-property/articleshow/18071555.cms

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