24/12/2019]
PUNE: Pune’s
leading real estate developer– Vascon Engineers, announced that Ajanta
Enterprises; 50% Joint Venture of Vascon Engineers, has successfully
concluded the sale of a land parcel measuring approximately 8 acres for a total
gross consideration of Rs 170 crores to an SPV of Mapletree
Investments Pte Ltd (Mapletree) situated at Kharadi, Pune.
The sale deed was executed on 17th December 2019 and the
entire consideration has been received. Ajanta Enterprises has a balance of 8
lakh sq. ft. for development, part of which is under progress.
Commenting on the recent transaction R. Vasudevan, Chairman-
Vascon Engineers Ltd said, “I am happy to share that the monetization of
this land parcel in Pune has significantly improved the growth potential of our
organisation. We believe this is a significant achievement for the company, as
the proceeds will be utilized towards reducing high-cost debt and financing
further growth. We are very excited and confident of our business entering into
a higher-growth trajectory in the coming years.”
Vascon Engineers Ltd is one of the leading EPC Companies
in India with a presence in the asset-light Real Estate business, headquartered
in Pune. EPC order intake in the current financial year is
Rs. 1,539 crores. The current EPC order book stands at Rs. 2,175 Crores
which includes external EPC orders of Rs. 2,049 Crores and internal orders from
our real estate launches at Rs. 125 Crores. In Real Estate, 35 lakh sq. ft. are
under various stages of development with a total expected sales realization of
around Rs. 2000 crores, part of which is under development and balance
will be launched in phases over the next 2-3 years.
About
VASCON Engineers Limited -
VASCON Engineers is one of the foremost listed real estate
companies, and now a ‘Fortune Next 500’ firm headquartered in Pune, with over
30 years of experience delivering 200+ projects spanning over 50 million sq.
ft. of landmark developments across residential, industrial, IT parks, malls,
and multiplexes, hospitality and community welfare centers in 30+ cities across
India across EPC and its own Real Estate projects. Going forward the vision is
to have a focused business approach on EPC and Affordable Housing segment.
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