Maytas Properties may get developer to rescue project

<h1>Maytas Properties may get developer to rescue project</h1>Author: <a title="zameensantosh" href="http://www.articlesbase.com/authors/zameensantosh/185087.htm">zameensantosh</a> Maytas Properties, the unlisted <a href="http://www.zameen-zaidad.com/">real estate company</a> belonging to the family of Satyam Computer Services’ disgraced founder, Ramalinga Raju, is likely to shortly finalise a deal with a developer to support its troubled Hill County project, say sources. The residential project, coming up at Bachupally on the city outskirts, it behind schedule by nine months. The Rs 1,000-crore project is to have 840 apartments and 326 in dependent bungalows, priced between Rs 50 lakh and Rs 2.5 crore. The apartments are not ready, through a few bungalows are. According to sources, Maytas Properties would assign <a href="http://www.zameen-zaidad.com/">the developer a new project</a> and raise a bank loan using the projected incomes from the proposed property. It would use that loan for completing the Hill County project. “From what we understand, it will be a tripartite agreement with Maytas Properties, the bank and the developer,” sources told Business Standard. This is one of several options the company is pursuing to complete the construction and give possession to those who had booked houses; the latter have so far invested Rs 630 crore by way of payments. The project requires Rs 150-200 crore more. “It looks like it will be a positive development for the company,” the source said, adding a deal might be signed in a week or so. He, however, did not talk specifics about the project the developer would be given. Maytas Properties had earlier asked its customers to use their good offices to find investors for Hill County. The company offered to give unencumbered collateral to the prospective investors, with the flexibility to withdraw the money invested in a year, sell of some property at rates much lower than the prevailing market rates or liquidate the collateral if the company did not repay. Courtesy:- BS dt:-08-09-09About the Author: Hi
I am Santosh Kumar Baranwal. I am a Graduate. I am working in Bhardwaj Buildtech pvt. Ltd. as a SEO.Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/real-estate-articles/maytas-properties-may-get-developer-to-rescue-project-1215988.html" title="Maytas Properties may get developer to rescue project">Maytas Properties may get developer to rescue project</a>

Maytas Properties, the unlisted real estate company belonging to the family of Satyam Computer Services’ disgraced founder, Ramalinga Raju, is likely to shortly finalise a deal with a developer to support its troubled Hill County project, say sources.

The residential project, coming up at Bachupally on the city outskirts, it behind schedule by nine months. The Rs 1,000-crore project is to have 840 apartments and 326 in dependent bungalows, priced between Rs 50 lakh and Rs 2.5 crore. The apartments are not ready, through a few bungalows are.

According to sources, Maytas Properties would assign the developer a new project and raise a bank loan using the projected incomes from the proposed property. It would use that loan for completing the Hill County project. “From what we understand, it will be a tripartite agreement with Maytas Properties, the bank and the developer,” sources told Business Standard.

This is one of several options the company is pursuing to complete the construction and give possession to those who had booked houses; the latter have so far invested Rs 630 crore by way of payments. The project requires Rs 150-200 crore more.

“It looks like it will be a positive development for the company,” the source said, adding a deal might be signed in a week or so. He, however, did not talk specifics about the project the developer would be given. Maytas Properties had earlier asked its customers to use their good offices to find investors for Hill County.

The company offered to give unencumbered collateral to the prospective investors, with the flexibility to withdraw the money invested in a year, sell of some property at rates much lower than the prevailing market rates or liquidate the collateral if the company did not repay.

Courtesy:- BS dt:-08-09-09

Hi I am Santosh Kumar Baranwal. I am a Graduate. I am working in Bhardwaj Buildtech pvt. Ltd. as a SEO.

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