MoU for three-star hotels on the cards.
Real estate firm Parsvnath Developers' quest for a mobile licence seems to have hit a roadblock at the Department of Telecom (DoT). Parsvnath, which is one of the seven realty firms in the fray for mobile licences, hasn't mentioned the business of "telecommunications" in its memorandum of association (MoA).
Sabeer Bhatia, founder of hotmail, may give some concrete shape to his proposed Nano City project, to be set up near Panchkula in Haryana, on June 9, when he visits India to finalise equity structure with real-estate player Parsvnath Developers.
Parsvnath SEZ Ltd -- the subsidiary of Parsvnath Developers -- now has two notified SEZs for IT/ITES sectors at Indore and Gurgaon with a combined developable area of over 16 million square feet.
The telecom foray is the second diversification outside its core business of developing residential and commercial real estate -- it is already in the Special Economic Zone space with five zones to be set up across the country.
Real estate major Parsvnath Developers may soon be able to reduce a significant chunk of its debt, thanks to certain corporate giants showing interest in buying a prime piece of property it owns in the national capital.
Leading realty firm Parsvnath Developers Ltd on Friday said it has put on hold 12 Special Economic Zone projects across the country due to credit crunch.
The cash-strapped real estate developer is in talks with banks to restructure its outstanding debt of Rs 1,825 crore (Rs 18.25 billion).
National champion Grandmaster Surya Sekhar Ganguly edged out Russian GM Mikhail Ulibin on better tie-break score to win the seventh Parsvnath International Open chess tournament in Delhi on Monday. In the 10th and final round, overnight sole leader Ganguly settled for a quick draw with P Karthikeyan after just 15 moves to take his points tally to 8.5.
The Supreme Court on Friday directed Parsvnath developers to hand over possession of a flat in its Gurgaon project to Minister of State for Information and Broadcasting Rajyavardhan Singh Rathore in two days.
Delhi-based realtor Parsvnath Developers will open 10 retail stores this year and develop 21 commercial projects as part of its plan to foray into retail, Chairman Pradeep Jain said.
Real estate developer Parsvnath Developers had a dream debut on the markets on Thursday with the stock listing at Rs 516.75, up by Rs 216.75 or 72.25 per cent from the issue price of Rs 300 on National Stock Exchange.
Real estate firm Parsvnath Developers on Monday said its shareholders have approved raising up to Rs 2,500 crore (Rs 25 billion) through issue of securities and to increase the foreign investment limit in the company by up to 40 per cent.
Real estate major Parsvnath Developers Ltd, which has announced its retail foray with hypermarket format stores, is understood to be in talks with French giants Carrefour and Groupe Casino for partnering in the new venture.
Forum directs firm to refund Rs 5,82,000, paid by Bhushan for a plot of land
Riyaz and his wife have travelled 200 km from Agra in the heat to fulfil their five-year-old grandson's wish of witnessing the 'historic' demolition of Supertech twin towers in Noida on Sunday.
Ramesh tied with Alexander Fominyh and Marat Dzhumaev but was declared winner on the basis of better progressive score.
The towers -- both taller than Delhi's iconic Qutub Minar -- will be brought down in less than 15 seconds by waterfall implosion technique. They will be the tallest structures yet in India to be demolished, officials said.
"In the backdrop of inadequate disclosure levels on share pledging, investment in such companies exposes an investor to severe price volatility in case a promoter is not able to meet payments or provide additional collaterals in a falling market," analysts at Crisil Equities said in a research report.
Realty major Parsvnath Developers on Wednesday joined hands with Sabeer Bhatia, co-founder of Hotmail, to develop a 11,138 acres knowledge city near Chandigarh, where the company will initially invest Rs 400 crore (Rs 4 billion).
Parsvnath Developers is expected to sack its non-performing staff post Diwali as part of its cost cutting measures. "Non performers have to go. Cost cutting measures will start in 15 to 20 days,'' said Pradeep Jain, chairman of Parsvnath, told reporters on the sidelines of a conference in New Delhi on Friday.
The company reported sales of 3.75 million square feet in FY14.
Four developers, including L&T Chennai Projects and Welspun Anjar, have approached the Commerce Ministry to surrender their IT and textile zones respectively.
Thirteen-year-old Murali Karthikeyan scored his maiden Grandmaster norm after securing a draw with Commonwealth champion M R Lalith Babu in the ninth and penultimate round of the premier section of Parsvnath International chess tournament in New Delhi.
At a recent meeting, the Board of Approval headed by Commerce Secretary S R Rao, also allowed three SEZ developers to surrender their project.
The BoA, a 19-member inter-ministerial body that deals with special economic zone -related matters, is scheduled to meet on September 9.
Reflecting lack of enthusiasm about the SEZs, 20 more promoters have sought additional time from the government for implementing their projects, taking the number of developers seeking extension to over 200.
With equity market down and liquidity drying; listed realty companies are sell landing or trying refinance, while unlisted ones are biting their nails.
Real estate companies betting big on tier II and tier III markets sold more stock than firms focused on metros.
Shapoorji, Kalpataru, Godrej pursuing Rs 60,000 crore opportunity in the region
Housing prices may rise by 5-10 per cent in the next 3-6 months as the cost of funds for developers is expected to increase following the Reserve Bank of India's decision to raise key policy rates by 25 basis points.
The board would take a decision on these applications on February 20.
Indian Grandmaster R R Laxman walked away with the gold medal while Russia's Pavel Maletin won the overall title in the Parsvnath Commonwealth Chess Championship that concluded in Delhi on Tuesday.
Litigation, regulations and the process of seeking approvals have also discouraged some developers.
Realty prices may go up by anything between 10 to 15 per cent in the next six to nine months, with demand exceeding supply, real estate developers said on Friday.
Urban development minister Jaipal Reddy said on Friday that he would also ask the finance minister to review his decision to bring the real estate sector under the service tax net. Real estate players were unanimous that the extra burden would be passed to the consumer if, indeed, the service tax is imposed.
Demand for special economic zones (SEZs) appears to be reviving even as realty developers are shying away from developing these tax-free enclaves due to liquidity crunch, according to experts who are tracking SEZs.
India Inc on Monday gave a thumbs down to the Interim Budget 2009-10, proposed by Finance Minister Pranab Mukherjee, saying it is a non-event and more of a political statement.
After foreign institutional investors lapped up realty stocks in the recently concluded equity placements by property majors, India-focused private equity players and Non-Resident Indians are loosening their purse strings in the real estate space.
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