Both partners would inject $200 million each in the form of equity and hold 50 per cent stake each. They plan to raise another $600 million in the form of debt to create a corpus of $1 billion to develop malls across tier-I, II and III cities.
The Lodha Group has bought land parcels worth Rs 12,000 crore in Mumbai
Slump in realty market to add to woes, debt of top players likely to rise 15-20% this financial year
Plan to lay off excess staff, trim salaries of top executives.
CREDAI-MCHI, a body of developers in Mumbai, has pegged the drop in sales booking at around 80 per cent in the February-March period this year. This is the second highest fall in residential sales in the past five years, after Q1, 2017, when the decline, due to the note ban, was 37 per cent.
Cashi Crisis: Day 9: Aaj ki Taaza Khabar!
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