With the approval of land conversion from industrial to residential use finally in its kitty, Texmaco Infrastructure and Holdings is finally set to make its real estate foray in Delhi. The approval comes about eight years after the Supreme Court’s nod to commercially develop half of the 21.5 acre Birla Mill land at the prime location which was earlier under dispute with the Delhi Development Authority (DDA).
The project is spread over 39,673.09 square meter, which is what remains after surrendering a part to DDA following the order of the Supreme Court. Now that the land conversion from industrial to residential has finally been received, Texmaco seems to be ready to take the leap.
“The company has been in clear possession of the piece of land after surrendering the part of the industrial plot to DDA,” a Texmaco executive told DNA. “But the land conversion was pending, which has now been received.”
The property lies opposite Delhi University in North Delhi. To execute the development plans, Saroj Poddar reportedly has formed a group of three directors- Utsav Parekh, who was behind the Aerotropolis project in West Bengal, Santosh Kumar Rungta, a leading real estate developer in Kolkata and N Suresh Krishna, an old Saroj Poddar group hand. The planning for the project has already been started which said to include the development of a shopping mall, residential and commercial complex.
Texmaco has traditionally been wagon making and engineering giant. The company manufactures a diverse range of products viz. Railway Freight Cars, Hydro-mechanical Equipment & Industrial Structurals, Steel Castings, and Pressure Vessels, etc. Over the years, it entered into technical collaboration with renowned Multinationals of Japan, U.S.A, U.K, Germany, Australia, Austria and Holland.
To keep the company’s real estate work separate from Texmaco’s wagon making and engineering business, the land parcel along with another commercial property in Gurugram, Uttar Pradesh, were merged into Texmaco Infrastructure and Holdings while the manufacturing operations were put under Texmaco Rail Engineering.