Forum directs firm to refund Rs 5,82,000, paid by Bhushan for a plot of land
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.
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.
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).
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.
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.
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.
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 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.
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 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.
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.
"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.
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).
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.
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.
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.
Expressing disappointment over RBI's decision to hike the key policy rate, real estate developers said this would lead to increase in finance cost and also affect housing demand during the festive season.
Puravankara Projects scores better than its peers on growth and profitability.
A majority of big real estate developers in India today said they are insulated from the financial crisis in Dubai and it will not have any impact in the country's property market.
A day after the Reserve Bank of India (RBI) raised the benchmark repo rate and cash reserve ratio (CRR), leading property developers said they are mulling hiking prices of apartments and focusing on the affordable housing segment to counter the impact of a high interest rate regime.
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.
If you are already invested in real estate stocks, you've made your money, exit
The multimedia-cum-film city project, first of its kind, is estimated to cost around Rs 800 crore and will spread over 30 acres.
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.
Mutual funds bought FMCG, construction, auto, and IT stocks in November.
On the heels of huge success of Parsvnath Developers' public issue, which was over subscribed 62 times, domestic real estate firms are planning to raise nearly Rs 22,500 crore (Rs 225 billion) through their public offerings.
This is the second instance of a realty firm foraying into telecom in less than a month. In August, Delhi-based Parsvnath Developers had submitted an application to the DoT for a Unified Access Service licence in 22 circles.
The company reported sales of 3.75 million square feet in FY14.
Transcript of the market chat held on January 17.
The BoA, a 19-member inter-ministerial body that deals with special economic zone -related matters, is scheduled to meet on September 9.
At a recent meeting, the Board of Approval headed by Commerce Secretary S R Rao, also allowed three SEZ developers to surrender their project.
Developers announce new projects, vacant land being unlocked
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.
Farmers too will get better deals
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