HUL to sell 7 property in Gurgaon, Mumbai

FMCG major Hindustan Unilever has put up a total of seven residential properties for sale in Mumbai and Gurgaon, which could fetch around Rs 35 crore (Rs 350 million).

The company has made public announcement that it is selling five residential property in Mumbai's prime locations of Cuff Parade and Vile Parle, which includes four two-bedroom and one three-bedroom flats.

The total saleable area is around 6,796 sq foot. As per real estate consultants CBRE's property price estimates of these localities, these residential units could together be worth around Rs 28 crore (Rs 280 million).

HUL is also putting on block two residential plots at Gurgaon, which has a total area of 840 sq metres.

As per market estimates the minimum price for plots are estimated to be Rs 2.5 crore (Rs 25 million) each.

Query sent to the company seeking details of the property sale remained unanswered.

The company, however, had earlier said that it may sell some of company-owned properties in Mumbai to unlock business value.

HUL is understood to own around 25 residential properties in Mumbai's prime locations, including as Malabar Hills, Church Gate and Andheri.