Sources reported at the www.propertykhazana.com says that after some ups and downs to sell big part of land bank to refund its debt, Sobha Developers Ltd. has now distorted its path; as well looking for mutual developments and also planning to sell small plots to maintain the liquidity. Many realty and infrastructure ventures are delayed or thrown away from past couples of years, after funds became insufficient and so, majority of the developers are at the back from purchasing land or are bargaining for higher discounts up to 35% drop in land rates. From last 5-6 months Sobha Developers has handled to sell just small land parcels, said CEO to the www.propertykhazana.com. The company has been captured with an inventory of unsold expensive flats, which made its first try at selling housing plots for rapid liquidity.
CEO also added at the www.propertykhazana.com that, “There is some progress in the property market, but still we have more land which is to be sold, comprising 2 acres land near MG Road in Bengaluru.” Accused for a debt of Rs. 2,000 Crores, the company has sketched out the proposals to manage Rs. 250 Crores through land auctions and Rs. 1,500 Crores from QIPs in which promoters of booked units sell shares to institutional purchasers like banks without linking the retail promoters. Sobha Developers has sold 65 of 95 plots in Bengaluru and Coimbatore ventures, before destined as big ventures. For more updates on realty market browse www.propertykhazana.com.
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