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Two incomplete IDEB projects to get complete by Citrus Ventures

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Realty industry of Bangalore is in mid of both positive and negative aspects of the current market condition. According to the sources of www.propertykhazana.com there are many ongoing realty sites in the city which are in hold due to some facts of higher cost material, increased rate of interest, shortage of laborer and many other issues. Bounded by all such circumstances two of the projects of IDEB Pvt Ltd are in mute mode since 2009 and the buyers are away from paying the further dues to their respective housing units. As such Citrus Ventures has interfered in the scene and agrees to buy the uncompleted site from IDEB. The site is all equipped with 65 villas at the floor of 3.5 acre of land. Now, the Citrus venture is in the business both as a developer and as an investor of the site. Recently the company has made clearance of the project liabilities and in the process to market the completed segment. Citrus is now marketing around 15 per cent of its project which are ready for occupation and it needs another one year to complete the entire site in a full fledge mode. Director and chief executive of Citrus Ventures - Vinod Menon says that the company has entered the site at a very lower cost and hence there is more risk in future. On the beneficial side the site is all cleared with the land acquisition and other formalities and now the company just has to put it in a proper order of final touch up.
IDEB is a Bangalore based company having tremendous influence in realty sector of the state and also has many involvements in various projects of Pune, Uttarkhand along with the Delhi Metro project. The company is sharing their experience with their co - developers for some of the challenging and innovative projects whenever and wherever it is felt needed as stated by managing director of IDEB – H. S. Bedi. They have long list in doing so as recently it I observed in Uttarkhand for the development of the industrial park of 168 aces of land the company shacked hand with some other co – developers. Same is in Pune in the project of 23 acres of area for a multipurpose venture. Apart from this the company is making their way for some of the international negotiation for malls to get kick off by 2012.
Source: NIMMA BENGALURU

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