Realty firm Omaxe Ltd plans to sell non core lands worth about Rs 150 crore
The Delhi-based developer is in advance stage of talks to sell its two land parcels at Yamuna Nagar and Visakhapatnam
Feb 03, 2015
Source : The Economic Times


NEW DELHI: Realty firm Omaxe Ltd is looking to raise about Rs 150 crore through sale of non-core land parcels as part of its strategy to focus on completion of ongoing real estate projects and cut debts. 

According to sources, the Delhi-based developer is in advance stage of talks to sell its two land parcels at Yamuna Nagar and Visakhapatnam. 

The sale value of these two land parcels could be worth about Rs 150 crore, they added. 

Omaxe is selling about 100 acres at Yamuna Nagar in Haryana, while the company has 20 acres in Visakhapatnam which it bought in 2007, sources said. 

Recently, the company had raised Rs 50 crore through the issue of non-convertible debentures. 

Omaxe is currently focusing on completing its ongoing 42 real estate projects - 14 group housing, 18 townships and 10 commercial. 

It also intends to reduce gross debt, which increased by over 5 per cent to Rs 1,147 crore as on December 31, 2014 as compared to Rs 1,087 crore as on September 30, 2014. 

In a presentation to investors, Omaxe said the company has to make debt repayment of Rs 201 crore in this quarter. 

On operational performance, Omaxe said that sale bookings fell by 42 per cent to 1.18 million sq ft during October- December as against 2.05 million sq ft in the year-ago period. 

Bookings dropped by 17 per cent to Rs 473 crore from Rs 570 crore during the period under review. 

Area delivered stood at 0.34 million sq ft during the third quarter of this fiscal. 

In the first nine months of this fiscal, sales bookings fell by 47 per cent to 2.87 million sq ft, while the decline was 32 per cent in value terms at Rs 1,145 crore. 

The company delivered 2.5 million sq ft of area across various projects during the April-December period. 

Last week, the company reported a 14 per cent decline in its consolidated net profit at Rs 13.92 crore for the quarter ended December 2014 as against Rs 16.25 crore in the year-ago period. 

Income from operations fell by 10 per cent to Rs 307.71 crore in the third quarter of this fiscal compared to Rs 342.04 crore in the corresponding period of the previous year. 

Omaxe has presence in 9 states across 30 cities. It has delivered about 92.6 million sq ft of in both real estate and construction contracting.

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