Ackruti City expects to raise over Rs 200cr via BKC sale

Cash hunt continues for the real estate space. We have seen selling of non core assets as a trend—DLF and Unitech started it and now it seems like several midcap companies are also catching up with it. Ackruti City is the one we are talking about. The company has put the BKC office space on the block for sale and it is a developed office space. The company is talking to multiple buyers to sell the 68,000 square feet of commercial space. Expectation is to get about Rs 200 crore plus—they expect it to sell it at about Rs 30,000 per square foot. In fact we understand that Ackruti in the next couple of months will be putting up as many as 14 sites on sale – five of them commercial and the rest in the residential segment. And in the total outlay, the company is looking to raise about Rs 1,000 crore odd in this financial year. Of course the residential and the commercial space is yet to see some pickup of demand, so that will be interesting to watch when they really find the buyers. Recently, Akcruti City had raised about Rs 300 crore odd through QIP issue and a private equity infusion of Rs 200 crore odd. Their debt position is near about Rs 700 crore odd.