Hemisphere Properties’ prime real estate to be monetised for Rs 19,000 cr

New Delhi, Dec 29 : Hemisphere Properties, the company demerged with the surplus land of VSNL (now Tata Communications Ltd), has announced that the value of its land parcels which can be monetised is to the tune of Rs 19,000 crore based on current circle rate prices.
At its annual general meeting held on Tuesday, the company announced that it has conducted a survey and the land parcels that can be monetised stands at Rs 19,000 crore.
There is a possibility of the company partnering Tata Housing and Tata Construction to develop these land parcels for mixed use real estate which would mean malls, shops apart from primarily residential development. The Centre owns 26.12 per cent shareholding while the Tatas own equivalent shareholding through Pantone Investments.
The Ministry of Corporate Affairs issued an order of demerger between Tata Communications Ltd and Hemisphere Properties India Ltd and under which 739.69 acres 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 acres), Padianallur, Chennai (53.04 acres), Dighi, Pune (524 acres) and Halishar, Kolkata (35.19 acres) and Chhatarpur, New Delhi (58 acres). The biggest land parcel by far is in Pune.
The market cap of the company is Rs 2,097 crore and the stock price closed at Rs 73.60, up by 3.85 per cent.