Tag Archives: M2K group

Adani family keen to hold real estate business

Posted on by Track2Realty

Immediately after Ahmedabad-based power, port and mining company Adani Enterprises Ltd (AEL) decided to part with its real estate business a day ago, the Adani family clarified that they are keen on retaining Adani Infrastructure Development Pvt Ltd (AIDPL).

On Thursday, Feb 9, the board of directors of¬†AEL had decided to divest its holdings in the company’s realty business after proper independent third party valuation at its meeting.

“We may either sell it completely to a third party or go in for a joint venture or Adani¬†Group may¬†demerge¬†and form a separate real estate company. We have kept all the options open as we want to categorically focus on our core businesses,” Executive Director of¬†Adani¬†Enterprises and¬†CFO¬†of the group, Devang¬†Desai¬†had said while announcing the company’s third quarter results on Thursday.

However, Chairman of the¬†Adani¬†Group,¬†Gautam¬†Adani¬†on Friday said that this announcement by the company “led to some confusion that the¬†Adani Group is exiting the real estate business altogether, which is definitely not the case.”

The Adani family led by Gautam Adani, the promoter of the Adani Group, is set to take over AIDPL and is committed towards a successful execution and completion of its current projects and its future growth plans, said Adani in a statement on Friday.

Presently, the Adani Group is developing Shantigram Township in Ahmedabad, spread across 616 acres of land, in which around 400 lakh square feet of land will be developed. The project cost of the township is estimated to be around Rs 5,000 crore in which it intends to build up to 15,000 houses.

Shantigram¬†Township, christened after the names of¬†Adani’s¬†parents, is also home to the new corporate office of the group in the city.

The Adani family will continue to invest in the real estate business like it has done in realty projects in Ahmedabad, Mumbai and Delhi. The family will now be responsible for future investments in the realty business considering it as one of the key business drivers. Adani Enterprises Ltd (AEL) will focus on its capital intensive core businesses of power, ports and coal mining.

It should be noted that market players believe that if the¬†Adani¬†family had not taken this decision to retain its realty business, the announcement would have created a negative impression about¬†Gujarat’s¬†real estate market.

“If a local company like the¬†Adani¬†Group would have quit the real estate business, it could be interpreted that the market is not in a good condition,” said sources. The group may form a new company for the realty business and come up with an¬†IPO¬†as the group’s investment in realty projects could be around¬†Rs25,000 crore, said sources.Adani Group, Adani realty, M2K group, Dwarka Gurgaon Expressway, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Mumbai Real Estate, India Property

Adani Realty forays into Delhi-NCR, inks JV with M2K

Posted on by Track2Realty

Adani Group, Adani realty, M2K group, Dwarka Gurgaon Expressway, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Mumbai Real Estate, India PropertyAdani Realty Business and Delhi-based realtor M2K Group will jointly develop residential projects on 41 acres of plot the latter owns in Gurgaon, near Delhi, marking Adani’s foray into the Delhi-NCR.

The real estate arm of the ports-to-edible oil Adani group will develop two projects on separate parcels of land. The projects will cost Rs.1,500 crore and both developers will share costs and revenues equally. Towards the cost of land, Adani Realty has paid Rs.100 crore to M2K. Another Rs.100 crore will be paid in phases.

“The land parcels are spread over 18 acres and 23 acres along the Dwarka-Manesar expressway. These are estimated to provide us 3 million square feet of saleable space,” said Tarvinder Singh, chief executive officer of Adani Realty.