The company may sell the property as duplex flats, implying an area of 8,000 sq ft, costing approximately Rs 40 crore (Rs 400 million), or as single flats of 4,000 sq ft, valued at Rs 20 crore (Rs 200 million).
The company is in talks with property consultant Cushman and Wakefield for sale of the 112,000 sq ft residential property it has developed. The going rate in the area is close to Rs 50,000 per sq ft and the company hopes to realise similar rates.
"It is one of the prime locations in the city and we are expecting valuations of about Rs 50,000 per sq ft," said Vinod Garg, the company's executive director (marketing).
The company, however, has no plans of getting into the real estate business at present. "Our strength is steel and power and we want to be restricted to that," he added.
The company has the capacity to produce 3 million tonnes steel annually and is planning to increase it to 5 million tonnes in another 3 years.
It has signed a memorandum of understanding (MoU) with the Chattisgarh government for setting up a thermal power plant with a capacity of 1,200 mw.
Another MoU has been signed with Maharashtra for setting up a 1,000 mw power plant. Construction of a 110 mw captive power plant at our Dolvi (Maharashtra) plant is underway and the power generated here will help us meet part of our 300 mw requirement that we currently purchase, he added.