Parsvnath and Omaxe have pulled out of their Group housing projects in Noida.
The two companies had earlier written to the Noida Authortiy citing delay in possession of land after which Parsvnath was refunded Rs 201 crore and Omaxe close to Rs 100 crore by the Noida Authority.
Parsvnath and Omaxe had successfully bid for 72 acres and 37 acres of land for Group Housing project in Noida in an auction held in February 2007. Three other companies—Unitech, IVCRL and Ambience—had won rights to develop group housing project in the same auction.
Confirming the pull out, Parsvnath said in an email response, We (have) bought this land through the tendering process in February 2007 at a total cost of Rs 503 crore. We had already paid 40 per cent of the money, i.e., Rs 201 crore. After the payment of Rs 201 crore to the Authority, we had been requesting them to give us the clear possession of the complete land. However, the Authority could not provide us the clear possession of the land, which is why they have refunded the entire amount of Rs 201 crore.
More : profit.ndtv.com
Send an E-Mail for Noida Property Enquiry!
Related News from Noida
Builders under pressure as buyers press for refund
Some of Indias largest real estate firms such as DLF, Unitech, Omaxe Tallest buildings in India and Parsvnath that launched multiple projects at the peak of Tallest buildings in India the real estate boom are now under pressure from buyers and investors who look to exit these projects. Already in a spot due to unavailability of bank loans and a fall in sales, the developers are less inclined to oblige the buyers who are coming together to mount pressure for refunds in projects that are yet to take off. Several buyers and investors, angered by the developers inability to start
Omaxe May Come Out With Rs. 1,000 Cr IPO
Considering the upswing in the capital market, Omaxe, real estate developer, may come out with an initial public offer in the next few months to raise an estimated Rs. 1,000 crores, the Economic Times reported. Market source said that the company has intensified work on this front and is looking at raising about Rs. 1,000 crores through the public offer. The IPO should hit the market in the next six months, the source said. If the company comes out with the IPO, Omaxe would be joining the likes of other real estate developers DLF, Parsvnath Developers and Ahluwalia Contracts India,
Noida rakes in Rs 2,500cr in record NCR land deal
Noida rakes in Rs 2,500cr in record NCR land deal Noida Development Authority has raked in over Rs 2,500 crore from sale of about 300 acre residential land to five builders — Unitech, Omaxe, Parsvnath, Ambience and IVCRL. The sale took place on Wednesday and this is the biggest amount bagged by an authority in one go. Recently, HUDA and DDA had closed deals worth about Rs 1,500 crore each for sale of plots for hospitality and commercial projects. Unitech was the biggest buyer and grabbed two plots of 71 and 54 acre respectively for Rs 1050 crore. Parsvnath bought a
Noida Development Authority bags Rs 25 bn in NCR land deal
Noida Development Authority bags Rs 25 bn in NCR land deal Noida Development Authority has bagged over Rs 25 billion from sale of about 300 acre residential land to five builders — Unitech, Omaxe, Parsvnath, Ambience and IVCRL, reports Economic Times. The sale took place on Wednesday and this is the biggest amount bagged by an authority in one go. Recently, HUDA and DDA closed deals worth about Rs 15 billion each for sale of plots for hospitality and commercial projects. Unitech was the biggest buyer and grabbed two plots of 71 and 54 acre respectively for Rs 10.50 billion. Parsvnath
Building dreams
If you have to invest now, invest in property. For over a decade, this has been the common refrain of drawing room conversations. These topics most often lead to a debate about who to buy from, who’s reliable, who has the best construction and who can get you the best deals. Five years ago, names such as DLF, Unitech, Ansals, the Essel and Eros Groups would be dropped, at least in most north Indian homes. Today new names have cropped up: Eldeco, Omaxe, Parsvnath, the Vatika Group, the Shipra Group, Aerens. While most of these relatively new companies
Realtors to cut rates
New Delhi-based real estate developers DLF and Parsvnath plan to cut property prices by as much as 15 per cent in the next few months to boost sales. The cut comes as part of their plans to launch affordable housing project to lure buyers. Referring to slowing sales, Rajiv Singh, VC, DLF, said the cut in prices will be visible in the next three months. The developer has already cut prices in Hyderabad. The new projects are expected to be at least 10-15 per cent cheaper than similar projects that were announced a year ago, he said. DLF today indicated
Going Strong At 50
It is a Category C sector of Noida but commands a circle rate of Rs 16,750 per sq m for residential land. Sector 50 has fast emerged as an investment destination and offers quality housing. It is comparable to sectors like 23, 46, 53, 61 and 92, which are all in the same category. Other than having the same circle rate, these sectors have also one thing in common - all have become good investment destinations. In recent times, Omaxe and Mahagun have come up with their projects at Sector 50. Mahauguns three projects — Manor, Morpheus and Maestro — are