GVK Power surged 5%, MIAL start monetizing real estate

GVK Power shares locked in 5% of the circuit on Wednesday at the news of the subsidiary began commercial
real estate and real estate companies monetization finalized lease.
Hyderabad-based GVK Power and Infrastructure, said today that a subsidiary of the Mumbai International Airport (MIAL) has started its commercial real estate monetization finalized wrapped Oasis Real Estate Pte Ltd a lease.
The land will be used for 1.166 million square feet of commercial development potential,
 is part of a phased 22 million square feet in a 10-year overall business development process, it added.
The transaction has been completed, at about 106 rupees per acre crore exchange rates, convert to Rs 58 billion rupees of the total value of the land.
Sanjay Reddy, vice chairman, GVK Power said the deal comes as the real estate industry is seeing signs of recovery under Modi-led government.
 "We sell land 5000 rupees per square foot, and we hope to get a better rate in the upcoming deal, added:" Reddy.
Reddy said the company will focus on real estate development, the value of this agreement is only towards the airport in Mumbai monetization first step.
The company is looking for a profit of about 20,000 square feet of the total 22 million, they own the land.
GVK-led consortium took over the Shanghai and Shenzhen Airport in May 3, 2008 execution-led consortium and Airports Authority of India between the operation, management and development agreement, GVK.
 Operation, development, management, design, construction, upgrading, mondernisation and airport financing through rights under GVK be 30 + 30 years.
When at 11:27 GMT, the stock quoted Rs 13.02, up 0.62 rupees, or 5 percent of BSE. There are pending buy orders for 585,593 shares, no sellers available.
SOURCE : WEB