BANGALORE: Gokaldas pictures Infrastructure's land parcel in Devanahalli is up for grabs. Canara Bank has taken possession of 26 Acres belonging to the Bangalore-based company beneath the Securitisation and Reconstruction monetary Assets and Enforcement of Security Interest Act (Sarfaesi) 2002.
The Property belonged to SIIC Package, a 100% subsidary of Gokaldas pictures Infrasturucture. The infra division has state of the art garment producing units for various product. Gokaldas pictures are an integrated attire manufacturer with a turnover of over $120 million.
It has 15 factories and employs over 11,000 people. The company's land in Kasaba hobli in Devanahalli is obtainable for outright sale and also the same are sold through a public auction next month. The Sarfaesi Act empowers banks and monetary establishments to recover their dues while not the intervention of the court.
The firm contains a liability of Rs 59 Crore as of June 11, the bank said in its auction notice. The bank can recover the outstanding quantity alongside interest and alternative incidental charges. It’s mounted a reserve value of Rs 81.61 Crore for the bid with an earnest cash deposit of 10% of the reserve value.
When TOI contacted Jagdish Hinduja, managing director of Gokaldas pictures, he declined to inquire into the company's liabilities and also the land auction.
Real Estate Consultants said that the 26 Acre land parcel has been accessible for purchase for quite a while. However the corporate could not shut the deal because the asking value was steep, sources said. Growing demand for residential comes has pushed up land costs in Devanahalli by 30% the last 2 years.
"Land in and round the airport is quoted between Rs 6-7 crore an acre. In fact, the govt. has given Rs 1,147 per sft as compensation for people who surrendered some of their land for road widening," said Ram Chandnani, deputy MD-South India at land consultancy CB Richard Ellis.
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