Mumbai, Nov. 10 -- The National Land Monetisation Corporation (NLMC) has initiated an e-auction for a 5.119-acre land parcel owned by HIL (India) in New Delhi, with a reserve price of Rs. 8.3 bn. The sale is part of the government's efforts to monetise surplus and under-utilised assets held by Central Public Sector Enterprises.
The proposed transaction is NLMC's third publicly advertised e-auction in the past two months. The corporation held a pre-bid meeting in New Delhi to brief prospective bidders on the property's location, development potential, land-use provisions, eligibility requirements and conditions for participating in the online auction.
The property is located in the Najafgarh Industrial Area along Rohtak Road and Shivaji Marg. It has approximately 140 metres of road frontage and is connected to the Delhi Metro's Green Line. The site is currently designated for industrial use, although conversion may be permitted under applicable regulations and subject to statutory approvals.
The land has development potential with a Floor Space Index (FSI) of up to 400 under Transit-Oriented Development (TOD) provisions. The applicable development potential remains subject to prevailing norms, required clearances and other statutory conditions. The highest bid will determine the sale price, with bidding permitted in multiples of Rs. 10 mn per acre.
Consortium participation is allowed, with a maximum of three members. Bidders must furnish the earnest money deposit through a bank guarantee or NEFT/RTGS in accordance with the Request for Proposal. Representatives of NLMC, HIL (India) and transaction adviser CBRE India addressed queries on the property, auction documents, technical and financial submissions, eligibility and bidding procedures. NLMC is a wholly owned government company under the Department of Public Enterprises in the Ministry of Finance.
Published by HT Digital Content Services with permission from Construction World.