The company plans to build 3&4 BHK luxurious residential flats in Vile Parle and convert its existing premises at the Fort area in Mumbai into sophisticated commercial offices up to 35,000 sq. ft.
Mumbai-based Bharat Agri Fert & Realty Ltd (BAFRL) is in talks with a leading fertiliser producer to lease out its existing fertiliser facilities and plans to focus on real estate development and hospitality business. It is in an advanced stage of negotiations with several industry players to lease out its fertiliser unit.
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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 in the G+13 floor in Vile Parle and convert its existing premises at the fort into sophisticated commercial offices up to 35,000 sq. ft.
Yogendra Patel, Chairman & Managing Director, BAFRL, said they are expecting revenues of around Rs 700-800 crore in the next three to four years from their real estate projects. He 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.”
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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 Resorts’ capacity from 46 to 125 rooms. Anchaviyo Resorts is targeted for destination wedding venue and large corporate events. BAFRL holds freehold surplus land of 40 lakh sq. ft area (92 acres) where the company is planning to establish weekend homes. It is also concurrently developing excess surplus land in Wada, by transforming it into non-agricultural plotting for the construction of second homes complete with club facilities and other facilities. It has entered a discussion to acquire adjacent land measuring 13,06,800 sq. ft. from promoters, which, if added to the company’s existing land bank of 52,27,200 sq. ft., could extend it to a total of 65,34,000 sq. ft.
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This additional land could be utilized for further development, outright purchase, for ventures such as sports clubs, musical concerts, cultural halls, and even helipad services. BAFRL has also constructed a residential complex in Thane with six towers of average of 14 floors.
