Mumbai: The real estate developer, Omaxe Ltd. has expected that their dues will fall to 8.80-8.90 billion rupees by March’2012 as it has planned to repay the debts from its operations. According to Sumit Arora, Vice President, investor and strategic relations, Omaxe Ltd, effectively they will be paying off around 200-250 crores in the next nine months. Till June end the company’s net debt was around Rs. 10.50 billion. The company also has a gross debt of Rs. 14.77 billion which it expects to cut to Rs. 12.50 billion by the end of this very financial year.
In April-June the sales were around 2.62 million square feet, whereas the sales in July wasn’t much aggressive, however he still expects it to rise to 2.2-2.6 million square ft. He also said that many of their projects are awaiting approval from the authorities, once they get approved, they’ll help a long way to clear debts. For the upcoming financial year the company is expecting to sell 9-10 million square ft as compared to 9.76 in the previous financial year. An amazing irony lies in the fact that property prices have more than doubled over the past 18 months in the country’s major cities, but sales have experienced a major downfall during this period as a result of high prices and high interests on loans.
In April-June the sales were around 2.62 million square feet, whereas the sales in July wasn’t much aggressive, however he still expects it to rise to 2.2-2.6 million square ft. He also said that many of their projects are awaiting approval from the authorities, once they get approved, they’ll help a long way to clear debts. For the upcoming financial year the company is expecting to sell 9-10 million square ft as compared to 9.76 in the previous financial year. An amazing irony lies in the fact that property prices have more than doubled over the past 18 months in the country’s major cities, but sales have experienced a major downfall during this period as a result of high prices and high interests on loans.
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