Sobha Sells 40% In Bangalore Project

Sobha Developers Ltd leading real estate company said on 02nd July it has sold forty percent stake in an forthcoming Bangalore project to Dubai’s Pan Atlantic LLC for ten million dollar.
Sobha plans to develop a 1.7-million-sq ft residential township at the plot in south Bangalore. A senior company official said the present value of the land is estimated at 1.05 billion rupees.
Recent months have seen a spate of private equity deals in the Indian realty, as developers, faced with a cash crisis on one hand and a decelerate in demand caused by high interest rates on the other, try to unlock value in ongoing projects.
In April, Parsvnath sold thirty percent in a Mumbai project to Euronext-listed Yatra Capital and Saffron India Real Estate Fund for forty six million dollar, while Unitech sold 50% in a Mumbai project to Lehman Brothers in June, for one hundred seventy five million dollar.
Sobha plans to begin construction at the Bangalore project by the subsequent quarter, the official said.
Shares in the company extended gains to a high of 288.90 rupees, and were trading at 285 rupees, up 8.3 % in a strong Mumbai market.

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