June 15, 2016 6:57 am

Reliance plans to monetize real estate up to 6000 cr.

Posted in Featured, Navi Mumbai, Property News By Admin June 15, 2016 6:57 am

After Mukesh Ambani moved his group to an open space in Ghansoli, Navi Mumbai last year, younger brother Anil Ambani too has plans of real estate monetizetion. Reliance Group’s ADAG also followed suit by moving its headquarters from Ballard Estate to Santacruz.

Last month, Anil Ambani and some top executives of its cluster companies in the Reliance Group shifted operations to the new global headquarters to suburban Santa Cruz from the posh South Mumbai Ballard Estate. Mr. Ambani is all set to savour Mumbai traffic for nearly one hour as he’ll now travel from his residence in Seawind, cuffe Parade to Santa Cruz. Earlier, the distance from home to office was a matter of hop skip and jump for him.

The Reliance Group is planning to monetise the Reliance Centre office in South Mumbai by offering it on lease while retaining a part of the treasured property for itself.

The group plans to realize at least Rs 6,000 crore from the real estate monetization programme. The employees in Dhirubhai Ambani Knowledge City (DAKC) have been shifted to Santa Cruz where the former BSES office was located as Reliance has entered into an agreement with Chinese Wanda Group to develop 135 acres of real estate space on the property which will later be leased out.