IVRCL Assets to raise money by selling portions of land banks

IVRCL Assets, the restructured entity (formerly IVR Prime) of IVRCL, has been identifying land chunks within its bank of 3,300 acres to monetise part of the assets. The company recently sold two blocks of land for Rs63-crore and expects to raise more to fund some of the public-private partnership (PPP) projects.

IVRCL Assets is looking at developing a large gated community and a golf course spread over 700 acres at Sriperumbudur near Chennai.

E. Sudhir Reddy, Chairman and Managing Director, IVRCL Infrastructures said, “The decision to stay away from the real estate development was timely. This was something they decided instantly as the real estate bubble burst. Unlike others who were struck, the company stepped out at the right time.”

“For developers looking at new projects, it is difficult to find chunks of clear-title land required. We could provide such developers with land. Even a conservative estimate will provide us good returns,” Reddy explained.