Realty firm Anant Raj sells subsidiary Greatway Estates for Rs 304 crore
The consideration received shall be utilised partly for repayment of debt and partly for development of the projects of the company
Sep 27, 2014
Source : The Economic Times
Anant Raj Developers


NEW DELHI: Realty firm Anant Raj Ltd today announced sale of its wholly-owned subsidiary Greatway Estates Ltd for Rs 304.12 crore and said the fund would be utilised to part repayment of debt and project development.

In a filing to the BSE, Anant Raj informed that the board at its meeting held today "approved the sale of 100 per cent equity stake in its wholly owned subsidiary Greatway Estates for a consideration of Rs 304.12 crore."

"The consideration received shall be utilised partly for repayment of debt and partly for development of the projects of the company," it added.

Anant Raj posted net profit of Rs 100.38 crore on revenue of Rs 503.11 crore for 2013-14. It had a debt of about Rs 1,400 crore at the end of last fiscal.

In its latest annual report, Anant Raj said it has reduced debt by 6 per cent to Rs 1,403 crore during last fiscal and is considering to sell some of its hotel properties and land parcels to further cut the borrowings.

"Your company is determined to reduce this debt further in the next couple of years and is considering sale of one or two of its hotel properties and/or hospitality land parcels," Anant Raj Chairman Ashok Sarin told shareholders in the company's annual report for 2013--14 financial year.

Anant Raj owns 14--15 prime land parcels for hotel development, of which 4 are already under operations.

The company has a land bank of about 1,100 acres, which is fully paid up. Of this, 430 acres of land is in Delhi, and the remaining is within 50 km radius of Delhi.

"In the last three years, we have acquired 270 acres of land specifically for residential projects amounting to Rs 1,000 crore. A major part of this recently acquired land is located in the premium residential area of Gurgaon," the annual report said.

Latest Realty News

Housing firm to pay Rs 2.5 lakh for "illegally" cancelling flat
Sep 27, 2014
A consumer forum has directed a housing firm to pay a compensation of Rs 2.5 lakh to a ex-government employee for "illegally" cancelling the booking of a flat alloted to him after accepting full price
Housing Scheme 2014: DDA posts video guide for filling forms
Sep 27, 2014
The Delhi Development Authority posted an online video guide on filling up of forms for its new housing scheme and precautions to be taken for it
Private investments to help develop 100 smart cities planned by govt: Venkaiah Naidu
Sep 27, 2014
Private sector investments will play a key role in financing and building the 100 smart cities that the government is planning, urban development minister Venkaiah Naidu said
Idco scraps land deal with Lanco Solar
Sep 27, 2014
The state’s nodal agency for land acquisition Odisha Industrial Infrastructure Development Corporation (Idco) has scrapped the land allotted to Lanco Solar Pvt Ltd for setting up of a solar power plant
Hyderabad realty to look up in 2-3 quarters
Sep 27, 2014
The Hyderabad property market, which came out of serious political instability in the recent history, is likely to show a muted growth for now but is expected to see a revival in the next two-three quarters
Market regulator Sebi notifies final rules for REITs
Sep 26, 2014
Market regulator Sebi today notified norms for listing of business trust structures, REITs and InvITs that would help attract more funds in a transparent manner into realty and infrastructure sectors
CCI orders fresh probe against Jaiprakash Associates
Sep 26, 2014
Competition Commission has ordered a fresh probe against Jaiprakash Associates for alleged unfair business practices in imposing unreasonable conditions on buyers at one of its realty projects
More Land for Infra Corridor Sought
Sep 26, 2014
IDCO has sought administrative approval for acquisition of 476.51 acres of private land in 11 villages of Angul district for extension of the main corridor as part of the common infrastructure corridor project in Talcher coalfields
Demolition drive for bigger highway
Sep 26, 2014
An eviction drive was carried out between Jayadev Vihar and Vani Vihar on the NH-5 to recover government land for laying sewer lines and expansion of the national highway
Odisha mulls anti-land grabbing law with 10 years jail term
Sep 26, 2014
The Odisha government plans to introduce a stringent law soon to prevent government land encroachment which will have provision of rigorous imprisonment for offenders of such crimes

Latest Realty News Of State

Realty Talk's