Postal dept may exploit real estate commercially: Jyotiraditya Scindia

NEW DELHI: The department of posts is considering developing some of its prime real estate for commercial purpose as part of a plan to revamp and reposition the entire network, including the 1.6 lakh post offices into a profit centre, communications minister Jyotiraditya Scindia told TOI.

“Whether it’s telecom or department of posts, we must sweat our assets. Therefore, if you have a large piece of land, you can have the post office on the ground and build the whole building and lease out space. First thing we’re doing is understanding how many properties we have, we are checking where the title papers are, mutation details and identifying major potential properties before we get a developer,” he said in an interview.

Agencies such as the postal department are sitting on prime real estate across the country. The minister said six verticals have been set up and new revenue streams are being identified to turn each of them into a profit centre.