At least six real estate firms plan to mop up more than $2.5bn from the capital markets by December, 18 months after poor response forced Emaar MGF to scrap its Rs 6,500-crore maiden share issue a day after it opened in February last year.
Emaar MGF, Sahara Prime City, Godrej Properties, Lodha Developers, Nitesh Estates and Sriram Properties will all hit the capital markets this year, signalling that the worst may be over for an industry that virtually cratered in the global economic storm last year.
There are two reasons for this rush, said international property consultants Jones Lang Lasalle Meghraj chairman Anuj Puri. “One, the market is looking comparatively better today, and two, most of these companies are in serious need of liquidity,” he said.
Times of India