Reliance Group Offloads Luxury Flats in Navi Mumbai
Sale of Upmarket Apartments in NRI Seawoods Complex
Mumbai: In a strategic move to monetize its assets, the Reliance Group has initiated the sale of its 100 luxury flats situated in the prestigious NRI Seawoods Complex in Nerul, Navi Mumbai.
Sale Process and Pricing
- The conglomerate has appointed JLL, a renowned realty consultant, to facilitate the sale of these high-end apartments, which were previously utilized by the company's top executives.
- These executives have been granted the first right to purchase the flats.
- The prices for the 2BHK and 3BHK apartments range from Rs 1.26 crore to Rs 2.60 crore.
- If all flats are sold, the Reliance Group could garner approximately Rs 125-270 crore.
Recent Strategic Moves by Reliance Group
- Realty Arm Restructuring: Earlier this year, Reliance Communication Ltd transformed its real estate division into a new entity, Reliance Properties Ltd., which is set to be listed. Shareholders of R-Com will soon receive shares in the new firm.
- Estimated Value of New Arm: The valuation of Reliance Properties Ltd. is estimated at Rs 12,000 crore, including 140 acres of land at the Knowledge City in Navi Mumbai.
- Joint Venture with Wanda Group: Last year, the Reliance Group forged a joint venture with China's Wanda Group to develop agricultural land across India.
Market Trends Influencing Corporate Asset Sales
- Stagnant real estate rates in major cities over the past few months.
- A thriving lease market coupled with increasing ownership costs have prompted several firms, including MNCs and banks, to sell their residential properties.
- The shifting landscape of city centers, as cities expand in diverse directions, has rendered some company-owned properties less conveniently located in relation to workplaces.