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IBREL reduces its Mumbai assets to BCI

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One of the leading realty IBREL has recently made a sale deed of Rs 30 crore for their property at lower Parel at Mumbai. Sources reported at www.propertykhazana.com reveals that it was BCI which has bought this segment of around 15,730 square feet of space at India bulls centre. The company is also making further plans for leasing some of their prime properties to some noted brands like Reliance Capital, IDFC and Aditya Birla with a price tag of Rs 175 to Rs 225 per square feet. Spokesperson of the company - Gagan Banga states that “the deal was quite convincing for both the teams looking to the present scenario of the realty market”.
As per the confidential sources of www.propertykhazana.com IBREL also holds around 45 percent stake at the IPIT of India Bulls which is an entity of Singapore with two assets at the heart of the Lower Parel. “It is also noted that lower Parel is enjoying the most rental hike locations next to Bandra Kurla complex against the downing rental at the Nariman Point” as stated by the business head of JLLM.
On a recent note it is also been observed that unlike the other neighboring areas Worli and Lower Parel has shown much activities in construction as compared to the last year. Sources reported at www.propertykhazana.com says that the IBREL is currently waiting with a cash reserve of around Rs 3000 crore and is acting slowly looking to the market drop close to 50 per cent. Spokesperson of the company reveals “that at this current situation most of the companies are trying to get rid of the debt issues first and might be there situation for equity raise for upcoming projects in coming days”. On a whole the entire realty across the country is facing a tremendous pressure for funds keeping on hold a project sum of around Rs 5000 crores.
Source: NBTVLIVE

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