Photo by AdalbertopOne of the leading apparels brand in India Provogue India announced to enter Real Estate on Friday. Provogue India with it’s joint venture Prozone enterprises has planned to build 300,000 sq. feet of Real estate property in Aurangabad. The project is stated to go on floor in October 2010.
The Managing Director Mr. Nikhil Chaturvedi said that the mega project will be a mix of residential projects and malls.
Also they are planning to launch three residential projects in Coimbatore, Nagpur and Indore by the end of this year.
Provogue also plans to construct 75 stores across the country in financial year 2011 with an investment of 35 cr.
Similarily Century textiles, Alok Industries and Bombay Dying are some other firms planning to develop or sell Real Estate as land rates rise in the buoyant economy.
DLF has already scrapped a 5 star hotel project in Prabhadevi in Mumbai with Akruti. DLF was the majority stakeholder in the project. DLF has been looking to monetise its non-core assets to raise funds over the next one year to pay off its debt.
The company had net debt of Rs 13,958 crore, of which Rs 3,591 crore is due for repayment this fiscal. The developer has also put its wind power business on the block and is expecting to collect about Rs 900 crore from it. DLF said it would reduce its outstanding debt by half in this financial year by raising about Rs 5,500 crore through assets sales, plot sales and cash flow from the business.