In an investor presentation, the corporate knowledgeable that its new gross sales bookings stood at Rs 990 crore within the third quarter of this fiscal and Rs 1,359 crore throughout April-December interval.
The gross assortment stood at Rs 1,003 crore throughout October-December interval and Rs 1,288 crore within the first 9 months of the present 2020-21 monetary 12 months.
“Total net surplus from completed inventory, sold receivables and ongoing projects is Rs 11,394 crore,” the presentation mentioned.
Net surplus is equal to pending collections from space bought plus worth of unsold inventories minus pending building price.
Giving the break up, the IBREL mentioned it expects a net surplus of Rs 2,462 crore from accomplished projects.
“Balance projects that are currently under execution to generate additional net surplus of Rs 7,560 crore. Net surplus from office rental portfolio is Rs 1,372 crore,” the corporate mentioned.
Sharing replace on the merger of its projects with Bengaluru-based realty agency Embassy group, the IBREL mentioned it’s anticipating to get regulatory approvals anytime.
In August final 12 months, Embassy Group signed an settlement to merge its varied housing and business projects with the IBREL and take management of the merged entity. Embassy Group has round 14 per cent stake within the IBREL and the identical will enhance to 45 per cent after the merger of belongings of these two corporations.
IBREL in addition to Embassy group companies NAM Estates (NAM) and Embassy One Commercial Property Developments (NAM Opco) had entered into definitive merger documentation to amalgamate ongoing, accomplished & deliberate residential and business projects of these two subsidiaries.
“The proposed scheme of amalgamation of NAM Estates and Embassy One Commercial Property Developments into the company was filed with SEBI/Stock Exchanges and Competition Commission of India for his or her approval. As on date, all administrative factors are clarified and the approvals are anticipated anytime.
“Entities managed by the Blackstone Group Inc have signed definitive paperwork for his or her participation within the merger,” the presentation mentioned.
Post-merger, the mixed entity will grow to be one of India’s main actual property improvement platforms, with 80.8 million sq. ft of launched and deliberate improvement potential. The merged entity can have about 30 projects.
Under the phrases of the settlement, the IBREL’s shares are being valued at Rs 92.5 per share.
Embassy group, led by Jitu Virwani, is a serious participant in Indian business actual property. The group, alongwith Blackstone, launched India’s first Real Estate Investment Trust (REIT) in 2019 to lift Rs 4,750 crore via public challenge. It additionally owns WeWork India.
Recently, the IBREL reported a 64 per cent rise in its consolidated net revenue to Rs 80.69 crore within the third quarter of this fiscal 12 months as in opposition to Rs 49.27 crore within the year-ago interval.
Total revenue was Rs 756.81 crore in the course of the third quarter of this fiscal 12 months as in opposition to Rs 1,317.70 crore within the corresponding interval of the earlier 12 months.