Ekta Group Repays Rs. 300 Cr to HDFC PMS
When a lot of real estate developers keep on struggling with fulfilling the commitments to the lenders, Ekta World, which is one of the leading developers of Mumbai, has repaid Rs. 190 Cr of optionally convertible debentures to HDFC PMS (Portfolio Management Services). It is reported that the developer had subscribed to OCDs from HDFC Asset Management Co. Ltd. Ekta World used it to develop its luxurious projects at Dadar, Virar, and Chembur in the year 2010. Along with Rs. 112 Cr of interest, the developer redeemed the OCD and repaid the total amount of Rs. 300 Cr to HDFC PMS.
Ashok Mohanani, Managing Director and Chairman, has commented on the development that Ekta World has closed the transaction with HDFC PMS within the stimulated time-frame and according to the terms in the contract. It proves that the real estate market is upbeat with great demand with this achievement. The developer raised Rs. 190 Cr from HDFC PMS and invested Rs. 141 Cr in a township project, Ekta Parksville at Virar and invested rest of Rs. 49 Cr in two luxurious projects – Ekta Occulus at Chembur and Ekta Invictus at Dadar. The developer subscribed to OCDs and made the investment.
Over the 27 years of real estate operations in Mumbai, Ekta World has successfully delivered around 14.4m sq. ft. of residential space to settle around 14500 families. Currently, the realtor is engaged in executing over 13 projects across Pune, Mumbai, and Nashik and they have acquired over 5.5 million sq. ft. of construction land. Earlier this year, the developer joined hands with two joint ventures Puravankara Projects and Godrej Properties in order to develop the landscapes in Pune. Established in the year 1987, EKTA World is modern in design and thinking. They have been raised from brick by brick to create happy homes all the way.
The expert team of creators at EKTA World is constantly focusing on developing several residential projects with different choices, such as 2 BHK, 3 BHK, and 4 BHK units in Mumbai. The developer is all set to add a zing of style and glamour to the skyline of the city.