Sunday, August 9, 2009

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MTNL to rent out prime office space in Mumbai
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Mumbai, Mahanagar Telephone Nigam plans to rent out vacant building space in seven of its properties in and around Mumbai.

This move will help the company generate additional revenues of at least Rs 26 crore annually based on the present realisation rates.

Part of the company’s non-core assets, the properties comprising over a lakh square feet of space, translate into a minimum average monthly rent of Rs 265.5 per sq ft.

The properties are located in prime areas such as Colaba, Malabar Hill, Peddar Road, Powai and Navi Mumbai.

Of these, the largest is a 12,310 sq ft of office space in Colaba.

The properties will be given out on lease and licence basis to public sector undertakings, the back offices of nationalised banks/scheduled banks (without public dealings), State Government organisations and large profit-making companies that record a minimum turnover of Rs 50 crore in 2008-09, MTNL sources told Business Line.

Tender floated


The company has floated a tender to zero in on a panel of real estate consultants.

A senior MTNL official said it was for the first time that the company was unlocking its real estate assets at one go.

Industry analysts say that a nascent revival in the property market has been the key reason for companies to sell or lease out real estate assets.

In MTNL’s case, this could have been spurred by the fact that its overall revenues have dropped in successive quarters due to intense competition .

For the quarter ended June 30, it had a net loss of Rs 46.84 crore, compared with a profit of Rs 112.53 crore in the same period last year.

Incidentally, German power equipment and transmission major, Siemens, said that it has put 13 residential properties in Mumbai on the block.

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M-9426201999 Ashok hindocha

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