Madhur Bajaj, the vice chairman of Bajaj Auto, who owns over 350 acres of land under Emerald Acres, intends to sell a substantial portion of his land holdings to unlock their value. This move comes as the real estate sector shows signs of recovery following a downturn.
Plans for Liquidation
Bajaj mentioned that he has no plans to enter the real estate development sector in the next ten years. Instead, he prefers to sell large parcels of land outright to developers or through plotted schemes.
Expertise and Development
“We don’t have any expertise in construction and so we don’t want to get into development at this stage. We are in the process of valuing the land price and would put it for sale soon,” Bajaj stated.
Personal Investment
He clarified that Emerald Acres has no connection with the Bajaj group, as he purchased the land with his personal funds over the past four years.
Location of Land Holdings
Emerald Acres owns land along the stretch between the Mumbai and Pune highway. The largest plot, measuring 124 acres, is situated in Lonavala, a hill station near Mumbai. The remaining properties are scattered across eight other locations, including Murbad near Thane and Khandala, another hill station.
Potential for Township Development
Regarding the Lonavala land, Bajaj said, “A township can come up at the Lonavala land and all other plots are uniquely located. We are planning to sell these so that we can buy more land and maximize the value.”