Wednesday, 25 December 2019

Vascon’s JV concludes Rs. 170 cr land sale in Pune

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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