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Indian Real Estate News : Bangalore
Godrej Properties gives up plan to buy HDIL’s Bangalore plot
Source: ET Bureau Oct 08, 2012
Mumbai-based developer Godrej Properties BSE -1.38 % has suspended talks with the promoters of Housing Development and Infrastructure (HDIL) for buying a 14-acre plot in Bangalore due to pending regulatory approvals , three persons familiar with the matter told ET.
The company was ready to pay up to Rs 105 crore for the plot located off Sarjapur Road, raising its earlier offer by Rs 7 crore provided HDIL BSE 4.38 % obtained all clearances, including the commencement certificate from the civic authorities. "Godrej was in advanced talks with HDIL's promoters, but decided not to pursue it as there were title issues. The land did not have all the clearances in place," said one of the persons, who did not wish to be named. Godrej Properties, in response to ET'squery , stated: "At any point of time there are several business opportunities that are being considered and evaluated. It is only when some of these fructify that we move ahead and complete the transaction and subsequently inform the regulatory authorities and stakeholders. As a matter of policy we only comment on such fructified deals."
An email sent to HDIL promoters remained unanswered. Over the past few quarters, HDIL has stepped up efforts to reduce its debt by 25-30 % in the current fiscal by offloading land parcels, among other means. The Mumbai-based developer is eyeing more than Rs 500 crore through sale of its land parcels in Hyderabad and Kochi. In the past year, the company has monetised land parcels and floor space index (FSI) worth over Rs 1,500 crore. However, the 14-acre plot in Bangalore is owned by the promoters , not the company. Godrej Properties, which recently entered into an agreement with actor Fardeen Khan and his sister Laila to jointly develop a luxury villa project on the outskirts of Bangalore, is betting big on the city. It is in the process of launching five projects totalling 4 million sq ft over the next few months. Godrej recently created a Rs 770-core residential development fund, led by global pension fund APG and SparInvest Property Investors. The money will be mainly used for residential development across Bangalore, Mumbai and the National Capital Region.

Tag: real estate of india, bangalore real estate, godrej properties
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