Having surplus land during a realty boom is similar to sitting on a goldmine. While many corporates continue to hold on to this valuable asset in anticipation of a further price appreciation, quite a few have decided to cash in on the opportunity and boost their bottom lines in the bargain. Corporates have reported a significant improvement in net profit riding on the large extraordinary income earned in the form of profit on the sale of property. The list includes ACC, Ranbaxy Laboratories, Pfizer, Rallis India and BOC India. Others like Bombay Dyeing, Century Textiles and Godrej Industries own several acres in Mumbai and Thane, thereby creating huge assets for themselves.
Courtesy: ET dtd. 20/06/08