Amrapali Group to soon repay JP Morgan and ICICI Prudential completely
Amrapali Developers, a prominent name in the Indian real estate Industry, have given partial exits to JP Morgan Real Estate and ICICI Prudential India Opportunity Portfolio Series 1 from two of its projects in Noida.
JP Morgan has received a return of Rs 135 crore on their investment of Rs 85 crore in Amrapali Zodiac in 2010. They are expected to get more Rs 6o crore more by the end of this financial year. ICICI on the other hand had invested Rs 75 crore in Amrapali Sapphire in 2011 and have received 95 crore so far.
So Amrapali would give them a complete exit in a few months.
Shiv Priya, executive director at the Noida-based builder, confirmed it has managed to give partial exit to the two funds and repay bank funding of around Rs 350 crore taken for these projects despite a slow market. “Sales are definitely slow at the moment and so we are focusing on execution at this point of time,” he said.
A spokesman for ICICI Prudential AMC, which manages the ICICI Prudential India Opportunity Portfolio Series 1, said Amrapali has reaffirmed its commitment to provide complete exit to it in the immediate future
“While there have been marginal delays in providing the exit, the builder has efficiently managed his cash flows and has been able to service our investment from project cash flows. The project continues to have sufficient residual value and we do not foresee any challenges in securing a complete exit,” the person said.
The two funds had invested at the early stages of the projects. At the moment, about 70 per cent of the towers in these projects are completed and have offered for possession to buyers.
Though these apartments, like many others in the vicinity, have been standing completed for some time now, buyers were unable to take possession because of an October 2013 order of the National Green Tribunal, barring Noida Authority from handing out completion certificates to projects that fall within a 10-km radius of the Okhla Bird Sanctuary.
This ban is expected to be lifted soon as the ministry of environment and forests is set to notify the new eco-sensitive zone around the bird sanctuary— 100 metres on three sides and up to 1.27 km towards the DND flyover across the river bed.
Home sales in the National Capital Region have slowed down considerably in the last few quarters. According to data from property research firm Liases Foras, sales in the NCR in the quarter ended June dropped 14 per cent compared to a year ago.
ABOUT AMRAPALI GROUP
The beginning of the new millennium witnessed tremendous developments taking place in India that unleashed the latent entrepreneurial energy in various enterprises including construction. One such development was the emergence of the Amrapali Group that started off some 10 years ago under the able guidance of its Chairman & Managing Director Dr. Anil Kumar Sharma, a proud NIT & IIT alumnus. This group is now leading the ranks in the real estate domain and that too in a very short span of time.
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