Real estate company Omaxe is in talks with five banks for rescheduling some of its debt to be repaid by March, a person familiar with the development said today. “We are looking to reschedule around Rs 150-200 crore of loan repayments due by March,” he said.
The Delhi-based real estate company is also looking to reschedule loans due for repayment by March 2010.
As on September 30, Omaxe had a consolidated debt of around Rs 1,600 crore. Faced with mounting debt obligations, many real estate companies, including DLF and Unitech, are looking to restructure/reschedule their high cost loans.
The move comes in the wake of Reserve Bank of India’s recent decision to allow banks to restructure loans taken for commercial real estate without turning them into non-performing assets.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app