new delhi the unit trust of india is likely to transfer its real estate assets worth rs 850 crore accounted under its flagship us64 scheme to its development reserve fund uti executive director b g daga told times news network that the transfer of real estate assets has become necessary since the utis flagship scheme us64 is set to be openended and navbased from january 1 uti had earlier formed a corporate repositioning committee under the chairmanship of y h malegam which was to advise the trust on transferring the real estate assets daga clarified that while the committee report had not been finalised it was imperative that the real estate issues be transferred to the drf the current corpus of drf was pegged at rs 1500 crore he added he was however silent on whether a transfer of realty assets would mean us64s assets receiving a boost of rs 850 crore courtesy the drf we are still trying to work out the modalities of the transfer daga said but wouldnt a theoretical transfer of funds from the drf increase the risks borne by uti the drf after all provides a guarantee to the promises made by utis monthly income schemes according to daga as long as uti maintained assets in its drf whether they were illiquid or fixed assets there should not be any problems about guaranteeing returns in any case we have been never forced to draw from the drf in the past and one hopes that we will be never forced to do so in future he said the existing mip schemes will be maturing over the next five years till 2006 i do not think that there is any threat of a serious assetliability mismatch he added addressing the real estate issue quickly is crucial as the presence of these assets hamper the trusts plan of announcing a daily nav for us64 utis real estate properties include the uti headquarters at marine lines in mumbai and all the uti offices and residential properties all these form an important part of the us64s portfolio now valued at about rs 16000 crore the presence of real estate properties possibly would not have created any problems for uti under normal circumstances but under these times of stress when uti is going to scrounge for every penny having such assets is a luxury this is not the first time that uti had raised the issue of its real estate properties in fact utis former chairman p s subramanyam had clearly indicated during the trusts annual press conference on july 2 this year that assets like real estate property held by us64 may be transferred out uti has a peculiar problem with its real estate assets this is because unlike some other institutions like the industrial development bank of india or the life insurance corporation of india which retain their real estate properties in their balancesheets uti does not have any balancesheet of its own formed under a special