Monday, January 26, 2009

Tata Realty pulls back some of its planned projects amid a downturn in the real estate market and refunds Rs800 crore to Tata Sons

Tata Realty had embarked on major projects, including information technology parks and so-called special economic zones. It also planned to jointly develop real estate with group firms such as Tata Consultancy Services Ltd and Indian Hotels Co. Ltd. (Current Projects)

“At the moment, we are well capitalized,” said Sanjay G. Ubale, managing director and chief executive officer of Tata Realty and Infrastructure Ltd, confirming the refund, which was approved by the Bombay high court earlier this month.

While seeking approval from shareholders for the refund, the firm had said, “In view of the significant downturn in the real estate markets, the company has now decided to shelve/reduce the size of some of its proposed projects, resulting in reduced fund requirements.”

Ubale said some of these projects would be financed through the $750 million (Rs3,690 crore) offshore fund, Tata Realty Initiatives Fund-I, that the company is managing.
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When major respected real estate company like Tata Realty pulls back some of it's big projects, it confirms that the current real estate slowdown is going to hurt us deep! What is your take on Tata Realty's refund of investment? Please, share your views in the comments. (Comments Policy)

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