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Peninsula holds its hotels for better time

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Realty arm of Ashok piramal group – Peninsula Land Ltd. has postponed their hotel projects at least for another 6 months. Source reported at www.propertykhazana.com reveals that the newly joined company at the arena of business hotels has collaborated with textile leader Arrow Webtex for a series of hotels at some prime locations of Mumbai, Nagpur, Pune, Kolhapur and Nasik. Other locations of the company go to state of Gujarat’s Surat, Ahmedabad and Jamnagar and also to the costal regions of Goa and Kerala.
On a short note with the executive vice chairman of peninsula land at www.propertykhazana.com he reveals that “presently all the future projects has been put on hold and we are concentrating mainly on the current projects first and the rest will be initiated looking at the favorable conditions of the market”. On the other hand both Arrow and Peninsula are to make special purpose vehicle mode of investment with 50 – 50 share for each group which will be around 1000 accommodation.
At the same time the Peninsula group is also making moves for the other fund raising options like fund structures to drag few sums from the different investment parties as company yet to complete the earlier Rs 1400 crore paramount offshore site. From the sites of Mumbai the company is predicating a sum of around Rs 2000 crore at the location of Lower Parel and another at Kurla. Follow www.propertykhazana.com for more and latest realty updates.
Source: NBTVLIVE

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