Eight BSNL properties have been listed for sale at throwaway prices in Chennai.

By Abhay Shah, Realty Quarter

BSNL Employees Union has asserted that a plan has been drawn up by the state-owned telecommunications operator to sell eight BSNL properties in prime locations at throwaway prices in Chennai.

In addition to property parcels in Kilpauk, Royapettah, Egmore, and Ambattur, a list of recognized properties published by the union contain the 1.81 lakh sqft Telephone House on NSC Bose road.

The Department of Telecommunications is passing a cabinet note for the operator’s recovery, said P Abhimanyu, General Secretary of BSNL Employee Union in a declaration. One of the elements proposes in the revival plan is to create BSNL a debt-free business by transferring bank loans from BSNL to a special purpose vehicle (SPV), he added.

Noting that recognized BSNL property parcels will also be transferred to the SPV for sale to repay loans, BSNL leadership has already finalized a list of 63 property sites across the nation. These property pieces are grossly undervalued, according to Abhimanyu. “BSNL assets are being moved to the SPV at a throw-away cost in the name of property monetisation,” he claimed.

For example, he said eight Chennai property parcels are being moved to the SPV by BSNL. While the BSNL management has determined the complete market value of these property parcels at Rs 2,753.67 crore, he said the property parcels market value is estimated at Rs 3,867.89 crores. The BSNL’s land parcels are being undervalued by more than Rs 1000 crore, in Chennai itself, he added.

The complete area of the eight buildings recognized in separate areas of the town was 34.67 lakh sqft, according to the information published by the union. Wireless stations and staff quarters are included in the property characteristics. Tiruvottiyur High Road is the biggest land parcel measuring approximately 13.3 lakh sqft.

The declaration also sought Telecom Secretary’s intervention on the problem for suitable action to prevent the step.