Puravankara to sell projects to clear debts
No Comments Sub Category:Uncategorized Posted On: Dec 28, 2011
A renowned real estate group, Puravankara Projects is to sell three commercial properties to clear off its rising debts.
The properties are located in Bangalore and Chennai and will be sold at around Rs 250 crore.
Currently, the group has an outstanding debt of Rs 1,160 crore as the profit has been down by almost 34% compared to last year.
The main motive of the organization after selling their assets is not to invest in ongoing projects but to lower down the debt level.
Source: The Economic Times
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Bangalore, Chennai, Clear debts, Commercial properties, Debt level, Debts, Outstanding debt, Profit, Projects, Properties, Puravankara, Puravankara Projects, Real estate group, Realty News, Rising debts
