But DSK hasn't cancelled the Fursungi SEZ.... Yet!On July 3, 2008, DS Kulkarni Developers Ltd (DSKDL) and GTC Cyprus, a Kardan Group company, has signed an agreement to develop jointly a 250 acres multi-Service special economic zone (SEZ) project in Fursungi Pune through a 50:50 joint venture.
According to Sumit Arora, Vice President-Strategic Planning and Business Development, DS Kulkarni Developers, SEZ has almost 19 million square feet land. Which has been valued at almost Rs 800 crore. Whereas DSK's acquisition cost is only around Rs 350 crore.
According to the news in Business Standard, DSK has terminated his agreement with GTC Cyprus.
However, DSK plans to continue with the development of the proposed SEZ!
Reading this news was a great relief to me. I was little bit worried since i came to know that "global money is flooding into India at the rate of $1 billion a week" on Swaminomics.
Swaminathan S Anklesaria Aiyar's comment on this "flooding" was more frightening. Swaminathan says,
"If sustained, this will be the mother of all financial stimuli, eclipsing the finance minister's budgetary endeavors."
"If shady real estate companies can attract money, anybody can!"While describing how "flood of $1 billion a week" is changing the sentiments, Swaminathan says,
"Suddenly real estate companies that were almost insolvent and could not attract either loans or equity have been able to place almost $2 billion with qualified institutional investors."Moral of the story: If shady real estate companies can attract money, anybody can!
Shady or Not Shady, when real estate company in Pune gets foreign funding, we all know, how property rates go up in Pune real estate market! Before the launch of Blue Ridge Hinjewadi, property rates in Wakad, Pimple Saudagar were around Rs. 2,300 - 2,500 per sq.ft. Pre-launch property rate of Blue Ridge Hinjewadi was only Rs. 2,700 per sq.ft. What happened after the launch is a history!
Point is, cancellation of an agreement between Pune builder and his foreign direct investor is a good news for Pune property buyer. What say you?
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