Mumbai:  has put its 100 flats in the upmarket NRI Seawoods Complex in Nerul, Navi Mumbai.

The conglomerate has chosen realty consultant JLL to conduct the sale of the apartments that were being used by top executives of the company, who have been given the first right to but the flats. The market giant has sold 35 flats and is looking to sell the rest in some day’s time.

The price of the 2bhk and 3bhk apartments ranges between Rs 1.26 crore and Rs 2.60 cr. This means the reliance group could get around Rs 125-270 cr if it sells off all its upmarket flats.

The sale of luxurious apartments is the latest steps taken by the Reliance Group recently to monetize these assets.

Earlier this year, Reliance Communication Ltd, turned its real estate arm into a new identity called Reliance Properties ltd. The new firm will be listed and the R-Com’s share holders would get shares in it very soon.

The firm estimated the value of its new arm at Rs 12,000 cr, including 140 acres of land at the Knowledge city in Navi Mumbai.

Last year, the giant group has inked a JV with China’s Wanda Group to develop farmer’s land across the country.

Since real estate rates have remained constant in big cities over the last few months, a warm lease market and increasing ownership cost have forced several firms, to put their residential properties on the block, including the MNCs and banks.

With the concept of a city centre becoming a contradiction as cities grow in different directions, many of these company houses are no longer suitably located close to the workplace.