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Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

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Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

Last updated: March 14 2020
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  • #61

    #61

    Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

    Indiabulls may face finance crunch

    Farallon exits 7 Indiabulls JVs with 42% gain in 6 yrs - The Times of India

    Farallon exits 7 Indiabulls JVs with 42% gain in 6 yrs


    Partha Sinha, TNN | Aug 19, 2013, 05.21AM IST
    MUMBAI: In a move that may bring some cheer to foreign investors in India, Farallon Capital, the US-based real estate major, has made successful exits from seven of the several joint ventures it has with the Indiabulls group for nearly Rs 1,200 crore, and made a profit of 42% in six years.

    Farallon's investments in Indiabulls' real estate projects were the first ever foreign direct investments ( FDIs) in the realty sector in India. As part of the deal, Indiabulls Real Estate purchased the entire stake of FIM, an arm of Farallon Capital Management LLC, in its seven projects for Rs 1,172 crore (nearly $200 million). The exists are from those projects in which the US real estate giant had invested Rs 847 crore in 2007. After these exits, Farallon's remaining investments in several of Indiabulls' projects total about Rs 3,300 crore, which is about half a billion dollar, company sources said. "This transaction reflects our balance sheet strength, which despite being the least geared among large real estate companies, had over Rs 1,000 crore of cash as on last quarter and has now used part of the same to fund this buyout," the source said.

    These projects from which Farallon exited are at present executing residential projects in over 120 acres in Gurgaon, 160 acres in other places in and around Delhi (NCR region) and 15 acres in Chennai. The transaction was closed at a time when the government and RBI are putting in several restrictions on the use of foreign exchange in India and also by Indian companies abroad, mainly to stem the weakness of the rupee.


    "Indiabulls believes in long-term partnerships and is delighted that our partner Farallon, which had made the first FDI in real estate sector in India in our Mumbai projects, has been able to generate good returns in an extremely volatile economic environment," said Ajit Mittal, director, Indiabulls Group. Currently, Indiabulls Real Estate is developing 73 million square feet of real estate space across Mumbai, NCR and Chennai.

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    • #62

      #62

      Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

      Hi guys., any updates reg the construction or the legal notices which was issued? .. This thread has gone quiet for a while after a major setback to the builders. Owners/investors, pls share the happenings as it might help other members to be aware of the project.
      Thanks.

      Comment

      • #63

        #63

        Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

        Originally posted by S Property View Post
        be aware of the project.
        Thanks.
        One word in the above posting is my advice!

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        • #64

          #64

          Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

          Handover of Phase 1 is in progress .Quite a few owners have already occupied their flats.Club house is not yet operational.It will take another six months at least .Phase 1 owners are lucky enough to get their flats.Handing over is delayed for those who are yet to sign the POA and had not made the final payment.

          Phase 2 approval is still not in place and even if they get the approval by the end of this year ,the possession of flat will not happen before 2018.



          Originally posted by S Property View Post
          Hi guys., any updates reg the construction or the legal notices which was issued? .. This thread has gone quiet for a while after a major setback to the builders. Owners/investors, pls share the happenings as it might help other members to be aware of the project.
          Thanks.

          Comment

          • #65

            #65

            Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

            Originally posted by g.v.kumar View Post
            Handover of Phase 1 is in progress .Quite a few owners have already occupied their flats.Club house is not yet operational.It will take another six months at least .Phase 1 owners are lucky enough to get their flats.Handing over is delayed for those who are yet to sign the POA and had not made the final payment.

            Phase 2 approval is still not in place and even if they get the approval by the end of this year ,the possession of flat will not happen before 2018.
            Thankyou G.V Kumar. Any update abt the legal notices issued ?

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            • #66

              #66

              Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

              IB has agreed to have the POA until 2018 and after which it will become void.Hence most of the Buyers in phase 1 signed this redrafted POA and had their UDS registered.So no more legal issues as far as I know.


              Originally posted by S Property View Post
              Thankyou G.V Kumar. Any update abt the legal notices issued ?

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              • #67

                #67

                Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

                I am thinking of buying a flat from phase-1, looks like we must not trust India bulls, why does India bulls need POA? Will I have problems in future if I buy a flat on resale?

                All legal notice to India bulls withdrawn (or) some things pending in court? Would like a general status of phase1 and the risks involved. Thanks in advance to the forum tribe.

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                • #68

                  #68

                  Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

                  @calend, Phase 1 is already sold out. My relative bought a flat in phase1, the legal notice was issued to bring IB to talks, but they did not come down on any of the points raised by phase 1 customer. The legal notice was issued by only half the flat owners, and as IB was adament and was even charging penality for delayed payment, even when the apartment was not ready.

                  Finally IB agreed to cancel penality for late payment and changes to POA and the group decide to register the flat.

                  The apartment was not ready to occupy even today (that is what i heard from my relative) and lot of issues are still pending. I last heard many are yet to get possession letter and key to the apartment, which is delayed by IB due to some new payments .

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                  • #69

                    #69

                    Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

                    Originally posted by calend View Post
                    I am thinking of buying a flat from phase-1, looks like we must not trust India bulls, why does India bulls need POA? Will I have problems in future if I buy a flat on resale?

                    All legal notice to India bulls withdrawn (or) some things pending in court? Would like a general status of phase1 and the risks involved. Thanks in advance to the forum tribe.
                    Please reconsider your decision and read all the issues in the forum. With so many problems future maintenance etc may be a problem.

                    If it is an additional purchase for investment you can take a risk but I feel with first purchase and for living we should be very careful.

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                    • #70

                      #70

                      Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

                      TN SEIAA EC approval page

                      Government Agency | Author | Applications Received


                      File No : 0238/2009
                      Date of Application : 04-06-2009
                      Applicant Name : India Bulls
                      Site Address : S.F.No. 68/1A, 77/2A, 80/3E1, 80/3E2, etc., Jalladianpettai Village, Tambaram Taluk
                      Contact Address : Salene Estate Limited, Perumbakkam, Tambaram Taluk, Kancheepuram District
                      District : Kancheepuram
                      Category / Industry : 8(a) Building Construction
                      STATUS : EC ISSUED
                      SEAC AGENDA
                      arrow Agenda of 14th SEAC meeting : 15-10-2009
                      arrow Agenda of 36th SEAC meeting : 22-02-2013
                      SEAC MINUTES
                      arrow Minutes of 14th SEAC meeting : 15-10-2009
                      arrow Minutes of 36th SEAC meeting : 22-02-2013
                      TOR ISSUED
                      View Report

                      SEIAA AGENDA
                      arrow Agenda of 27th SEIAA meeting : 20-01-2010
                      SEIAA MINUTES
                      arrow Minutes of 27th SEIAA meeting: 20-01-2010
                      EC ISSUED
                      EC Issued on 27-01-2010

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