Texmaco plans foray into Delhi real estate market

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Texmaco Infrastructure and Holdings which is owned by Saroj Poddar, is planning to venture into real estate in the National Capital around 8 years post receiving approval from the Supreme Court for developing around 50% of the Birla Mill land covering 21.5 acres. The prime plot was previously locked in a dispute between the company and the DDA (Delhi Development Authority). However, the DDA has finally issued the notification for the conversion of land use to residential from industrial and Texmaco will be able to start construction of its first residential real estate project in the city over a whopping 39, 673.09 square meters after giving up a portion to the DDA based on the Supreme Court’s orders.

Poddar has already set up a group comprising of three directors for the development of this prime land parcel situated right opposite to the Delhi University. This group includes Utsav Parekh, the man behind the West Bengal Aerotropolis venture, N Suresh Krishna, an old associate of the Saroj Poddar Group and noted Kolkata real estate developer Santosh Kumar Rungta. Texmaco has commenced planning for its new real estate project.

In the year 2010, Texmaco got the nod from the Supreme Court to undertake commercial development of half of the 21.5 acres encompassed by the mill which was closed. The balance was directed to be handed to the DDA which would also have the obligation to share future realty project revenues from its share with the company. The land parcel and another commercial property at Gurgaon have come under the aegis of Texmaco Rail Engineering in a bid to keep the real estate project separated from the core wagon making and engineering division of Texmaco. This could be a big real estate project that will revitalize the real estate market in the National Capital as per reports.

 

Resident Editor