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Developer Puts Project on Hold
| March 9, 2009 |  (1 votes, average: 5 out of 5) Loading ... |
Property investment company Ishaan Real Estate Plc (ISH.L) delayed certain projects and said it would not start two of its projects as economic slowdown shrinks the demand for property and rental values in India. Ishaan Real Estate, which invests in information technology parks and special economic zones (SEZ) projects in southern and western India, said the value of the projects may fall due to the rise in capitalisation rates, the pressure on rental values and the delay in projects.
The company expects rental values for further lettings in the retail sector to remain under pressure in the near to medium term. While the company delayed projects in the Indian cities of Mumbai and Hyderabad, it said development of the IT space in the cities of Bangalore and Pune will be not be started until “there is evidence of occupier demand and confidence that a satisfactory level of pre-letting can be achieved.” Shares of the company were trading at 23 pence on the London Stock Exchange.
News Published Under: Special Economic Zones |
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