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LIC enlarges property portfolio buys land worth Rs 2,000 crores in Kolkata

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LIC is the biggest landowners in India and is proposing to purchase land of Rs. 2,000 Crores to develop commercial and housing complexes. This is invested to Rs. 1,100 Crores which was invested previous year for buying property in India and public sector insurance monster has recognized Kolkata, Jaipur, Agra, Vishakhapatnam and Bengaluru as achievable cities where it can purchase land for future development.
LIC has appointed advisors, who has recognized the expansion hubs in the country and based on that, company aims to invest in realty. Company’s executive said to www.propertykhazana.com that, “We will assess the places, which fetches higher appreciation after investing.” The insurer is then merely to Indian Railways in terms of land rights and presently it holds 1,708 lands which values for about Rs. 20,000 Crores. In Eastern region alone, LIC possesses 187 assets; the properties were purchased by LIC after 50 years of its presence and also inherited the greater part of the assets possessed by it at the time of nationalization in 1956.
LIC, Chief Engineer BK Banerjee said to www.propertykhazana.com that, “During previous 5 years, PSU’s rental income has hiked for about 4 times and during 2007-08, in eastern zone it stood for Rs. 22 Crores. We guess that in present financial, rental income will be Rs. 30 Crores in Kolkata region and we will like to double this in the coming 2 years.”
In Kolkata, Govt. possessed company is developing about 7 lakh Sq.Ft of commercial area opposite the Science City, said zonal manager RR Dash. Company purchased 5 acres plot from KMC for about Rs. 276 Crores during the bidding process and is operating on 50-storied commercial construction that can be the giant building in Eastern city. It has already selected about 10 design advisors for the venture which is expected to cost about Rs. 400 Crores. For more and latest realty updates browse www.propertykhazana.com.

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