L&T Infocity to divest stake in Hitex
Aug 07, 2013
Source : The Hindu Business Line

Part of the construction major L&T, the Infocity project had executed multi-storeyed Cyber Towers and Cyber Gateway more than a decade ago to offer quality infrastructure to companies. It is now seeking to offer for sale some of the office space in these two projects.

The L&T Infocity projects developed by the company were instrumental in playing a role in developing the IT sector in Andhra Pradesh and Hyderabad. These two projects have Andhra Pradesh Industrial Infrastructure Corporation (APIIC) as 11 per cent stakeholder with the rest with L&T arm.

The company, which also developed the Hitex exposition centre close to the Hitec City hub, is also seeking to divest its 58 per cent stake in the project. The rest of the 42 per cent stake is held by various agencies of the Andhra Pradesh Government, according to K.V. Nagendra Prasad, Chief Executive Officer of Hitex.

Prasad told Business Line that the company is seeking to divest the stake as it is associated with the project for more than a decade now. “By divesting stake we would prefer to concentrate on other projects. The Government nod on the sale is awaited,” he said.

Prasad, who was associated with the L&T Infocity earlier during the execution of various projects in the IT hub, said, “The sale of some of the remaining office space has been advertised. Even though most of the project has been occupied, we are looking at monetising some of the office space by sale.”

About 2.5 lakh sq ft, including space for IT offices and food court, is up for sale.

Hitex or Hyderabad International Trade Exposition Centre plays host to several expositions held in the city.

Latest Realty News

Telangana to push Hyderabad realty gather pace
Aug 02, 2013
HYDERABAD: After a four year hiatus, residential real estate prices are set to rise at a relatively faster pace in Hyderabad with the Government move to carve out a separate State of Telangana.
Commercial space rates shoot up in Vijayawada
Aug 01, 2013
HYDERABAD: Around 270 km east of Hyderabad, the city of Vijayawada on July 31 witnessed an immediate ripple effect of Congress’ ‘Jai Telangana’ call. Owners of commercial spaces in the ‘land of victory’ were found quoting as much as Rs 50 per square feet (sft) for properties which, until a few days ago, were up for grabs at a meagre Rs 15 per sft. Reason? The intense speculation about the city emerging as the largest business hub, if not capital, of the new Andhra Pradesh state.
Creation of Telangana ends of uncertainty for city’s realty sector
Jul 31, 2013
HYDERABAD: After almost four years, Hyderabad’s real estate sector heaved a sigh of relief on July 30. With the commotion and chaos over separate statehood finally being given a burial and Telangana declared India’s 29th state, industry insiders said that their “long dry spell” was all set to come to an end now.
VUDA plot auctions on Sept 14, 15
Jul 31, 2013
VISAKHAPATNAM: The Visakhapatnam Urban Development Authority (VUDA) issued a notification for the allotment of 152 plots in its 15 own and joint venture layouts in Visakhapatnam and Vizianagaram towns, according to a press release.
Poor response to property tax scheme in Hyderabad
Jul 22, 2013
HYDERABAD: On an average, the Greater Hyderabad Municipal Corporation (GHMC) gives out 1,000 building permissions a month. But new assessments of property tax hardly reach 100 a month, meaning less than 10% of property owners are registering to pay property tax in the entire Greater Hyderabad area.
Singapore, Dubai, London preferred by Indians buying property overseas
Jul 21, 2013
HYDERABAD: DSingapore, Malaysia, New York, Dubai and some cities in the UK, the suburban areas of London in particular, are preferred destinations for Indian property buyers, according to real estate consultancy firm Jones Lang LaSalle.
Technical glitches hit registrar offices in Hyderabad
Jul 19, 2013
HYDERABAD: The registration and stamps (R&S) department is making efforts to implement the revised citizen’s charter to provide better services to the people, but technical glitches have put a spoke in the wheel. Claiming computer glitches and server problems, sub-registrar offices (SRO) are taking nearly a month to hand over registration documents (sale deed) to people, which is supposed to be done in a day.
Low cost realty makes Inorbit Malls plan South India expansion
Jul 19, 2013
HYDERABAD: K Raheja Corporation entity Inorbit Malls India has chalked out a plan to expand its operations significantly in Southern India region thanks to low cost realty in the region compared to other parts of the country, said a top official.
Inorbit scouts for more locations to set up malls
Jul 18, 2013
HYDERABAD: Inorbit Malls, a group company of K Raheja Corp, is scouting for more locations to develop malls, including in Chennai and Bangalore.
India Ratings maintains negative outlook for construction sector
Jul 17, 2013
HYDERABAD: Liquidity related concerns and execution challenges continue to impact the infrastructure sector in the country, according to India Ratings & Research.

Latest Realty News Of State

Realty Talk's