Nagpur Projects Thread

[Suncity]

http://economictimes.indiatimes.com/...ow/1161617.cms

The oldest composite textile mill in the country - the Empress Mills founded by Sir Jamsetji Tata in the heart of Nagpur has been sold by the Maharashtra State Textile Corporation (MSTC) to the Tayal family-promoted KSL & Industries.

The 35-acre mill complex, on the embankment of Gandhi Sagar Lake, to be rechristened ‘Empress City' will now host an IT Park, a five-star hotel, a 3 lakh sq ft mall and a series of upmarket residential towers.

The KSL Group bagged the closed mill for Rs 35 crore at a competitive auction with 10 bidders that included two Nagpur-based builders and a few Mumbai developers, including Kalpataru Overseas. However, the mill comes with 10,500 workers and their severance package has cost the Tayals an additional Rs 55 crore.

“Stamp duty and other interest costs has made the Empress Mills a Rs 100-crore property, but we were lucky to ‘book’ it before the real estate began shooting up,” PK Tayal told ET. “Today, it is worth over Rs 500 crore,” he claimed.