Bharat Agri Fert & Realty to focus on real estate, hospitality business
It plans to build 3&4-BHK luxurious residential flats on the G+13 floor in Vile Parle and convert its existing premises at the fort into modern, sophisticated commercial offices up to 35,000 sq. ft.
Mumbai-based Bharat Agri Fert & Realty Ltd (BAFRL) will focus on real estate development and hospitality business. To do so, the company is in an advanced stage of negotiations with a leading fertiliser producer to lease out its existing fertiliser facilities.
Meanwhile, it has initiated talks with various developers for the redevelopment of its prime properties in Vile Parle (East) and the Fort area in Mumbai.
It plans to build 3&4-BHK luxurious residential flats on the G+13 floor in Vile Parle and convert its existing premises at the fort into modern, sophisticated commercial offices up to 35,000 sq. ft.
"We are expecting revenues of around Rs 700-800 crore in the next three to four years from our real estate projects." He also added, “The fertiliser facility operated at lower capacity utilisations due to supply and availability of raw material to produce Single Super Phosphate. Hence, we are exploring various options," said Yogendra Patel, Chairman & Managing Director, BAFRL.
The company currently has a capacity to produce 1,32,000 TPY PSSP and 1,00,000 GSSP and other grade of granulated fertiliser like boronated and zincate GSSP.
Further, the company is expanding ‘Anchaviyo Resort's’, capacity from 46 to 125 rooms. ‘Anchaviyo Resort's is targeted for destination wedding venue and large corporate events.
Also, the company is set to acquire an additional Floor Space Index (FSI) to expand this tower up to 59 floors within the next three years, resulting in a saleable area of 4,00,000 sq. ft. The construction project finance from Saraswat Co-op Bank is in place, but the company has not used any loan amount. The project is approved by 14 state-owned and private-sector banks, thereby enabling the company to commence the project in full swing. "However, we have used only 20% of the sanctioned loans for our projects from Saraswat Bank loan mainly for payment fees to TMC, CFO and others," adds Patel.
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