New Delhi: State-owned National Textiles Corporation (NTC) is expected raise over Rs 5,000 crore from sale of about 55 acre of surplus land in Mumbai in the current fiscal, textile minister Dayanidhi Marai on Thursday said. "NTC has drawn a roadmap to generate Rs 5,000 crore by the end of the current fiscal by selling most of its properties in Mumbai,"he said here after inaugurating the auction for the land vacated by two of the closed mills - Podar Textile Mills and Bharat Textile Mills. On the basis of Rs 100 crore per acre as reserve price fixed by the NTC for various properties, he said, it would be possible for the company to generate over Rs 5,000 crore in 2010-11. The auction of about 11 acres of land belonging to Bharat Textile Mills and Podar Textile Mills may fetch the NTC over Rs 2,000 crore while over Rs 3,000 crore would be mopped-up from sale of six other mill- surplus land in Mumbai,a textiles ministry official said.

Mumbai boasts of some of the most expensive addresses in the world. Recent developments indicate that this trend is likely to continue, with the proposed world's tallest residential tower, Lodha World Place at Lower Parel, leading the pack of ultra-expensive super-luxury apartments. The base price of an apartment in Lodha World Place is expected to be Rs8 crore, while 'villas in the sky' are expected to cost over Rs40 crore. A survey conducted by Wealth Bulletin, published in August 2009 listed Altamount Road as the tenth most expensive street in the world, with prices as high as Rs95,000 per sq ft. Altamount Road is but one example. "Places like Altamount Road and Carmichael Road are exclusive localities in terms of the kinds of people who are choosing to call them their homes," says Anand Narayanan, national director of real estate agents, Knight Frank, India. Besides Bollywood stars, industrialists like Kumar Birla and Ratan Tata, these places are also home to various consulates. South Mumbai still scores "There are three things that define the price of a location: it's proximity to one's workplace, its demographics, and its geographical location, in that order," says Pankaj Kapoor, managing director of realty research firm Liases Foras. On these parameters, South Mumbai still scores over upcoming places like Bandra, Juhu and Powai, as it is still the economic hub of the city.