Indian Real Estate: Corporate Sales

                                                                                         

Hindustan Unilever (HUL), consumer products heavyweight has begun selling its real estate assets across the country, and has even put its landmark Mumbai head office on the market.

Several of HUL’s residential properties in prime Mumbai markets, such as, Juhu and Santacruz have been put on the block, with HUL putting Property Consultants - Cushman and Wakefield in charge of selling them.

As for its Bangalore properties, HUL is deliberating over whether to enter into a joint development venture with property developers, or sell all 30-acres of its Bangalore property in Brookefields. To that end, HUL has been in touch with various real estate consultants, negotiating the finalisation of a sale strategy.

Over the past one year, property prices in Mumbai and Bangalore have witness an over 50% climb, so that residential property in Juhu and Santacruz areas ranges between Rs. 14,000-per sq. ft. and Rs. 20,000 per sq. ft. ChurchGate area in South Mumbai, housing the company’s headquarters and with a carpet area of about 70,000 sq. ft., will fetch a hefty premium over the prevailing commercial rate of Rs. 25,000 – 30,000 per sq. ft. Not only is it a landmark structure, the building also offers parking and garage space. On the other hand, its 30-acre Brookefields property is likely to be valued anywhere between Rs. 3,000 – 4,000 per sq. ft.

According to sources, several top corporates have already set their eyes on the marquee south Mumbai headquarters and HUL’s food division headquarter in Brookefields, Bangalore.

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Source: IndiaRealEstateblog

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