REAL ESTATE NEWS IN INDIA--Property in Delhi - NCR, Faridabad,Noida. Property in BPTP, Omaxe, BPTP Plots

The Indian real estate sector plays a significant role in the country's economy. The real estate sector is second only to agriculture in terms of employment generation and contributes heavily towards the gross domestic product (GDP). Almost five per cent of the country's GDP is contributed to by the housing sector. In the next five years, this contribution to the GDP is expected to rise to 6 per cent.

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Parsvnath in talks with PE for stake sale in Sonepat plan

In an interview with CNBC-TV18, Pradeep Jain, chairman of Parsvnath Developers said that company is in talks with couple of private equity (PE) investors for selling stake in Sonepat project. It is also looking to offload stake in its Dharuhera project.

Q: There is some talks that you are likely to sell part stake again of your Sonipath project to some private equity firms, can you take us through what is going on there?

A: Yes, we are in talks with couple of private equity investors for our housing project on NH1 at Sonepat a few kilometers away from Delhi border, as well as in Dharuhera,another housing project on NH8 towards South of Delhi.

Omaxe to look at options to raise funds

Real estate developer, Omaxe: is exploring various fund raising options, including a follow-on public offer and ring-fence transactions, as its earlier plan to sell stake to institutions has hit a regulatory road block, a top official told Reuters on Friday.

"Now I can't do a QIP (qualified institutional placement) due to the change in SEBI guidelines. The guideline is that a company with a free-float of less than 25% cannot go in for a QIP," its President, Corporate Finance, Hemant Kumar told Reuters in an interview.

As on date, promoters hold 89% and the balance is free-float. The market regulator Securities and Exchange Board of India, or SEBI, had issued the guideline in December 2010.

In November, Omaxe Chairman and Managing Director Rohtas Goel had told Reuters the company was planning to raise about 4 billion rupees through a QIP, expected by January.

Omaxe is evaluating various options, including a follow-on public offering and ring-fence transactions, where in promoters can do bulk deals of shares.

He said Omaxe has adequate cash flow from operations. The company expects to add Rs 250 crore to its infrastructure order book in the next two quarters. At present, its order book is Rs 1,267 crore. The company's net debt by March 31 is likely to remain at December 31 levels of Rs 1,237 crore.