IVRCL Infrastructures & Projects Ltd, the Hyderabad-based infrastructure company, plans to go in for an initial public offering (IPO) for its real estate subsidiary IVR Prime Urban Developers Ltd to raise Rs2,000 crore, in continuation of a trend of real estate firms tapping the capital market—DLF Ltd’s Rs9,187 crore IPO, in early June, was oversubscribed 3.5 times. Another developer, Housing Development and Infrastructure Ltd, is seeking to raise Rs1,485 crore through an IPO that is already oversubscribed and which closes on Tuesday.
IVR Prime is in the business of constructing urban infrastructure, typically residential apartments and hotels. “We have certain plans for our real estate arm. In order to realize those plans, we have to raise money,” added Ramachandran. IVRCL Infrastructures, which has an 80% stake in IVR Prime, plans to dilute 20% of its holding in the IPO; the balance 20% is held by the family of the company’s promoter, Sudhir Reddy. Foreign institutional investors such as Citigroup, HSBC, Merrill Lynch, Goldman Sachs and UBS Securities together hold a majority 87.5% stake in IVRCL Infrastructures.
Read more in The Livemint article.
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The management of IVRCL has been slowly using using up resident’s common area at Hill Ridge Springs for commercial activities for its own profit. First the "Ella Compass Suites" hotel was started in what was supposed to be single-bedroom apartments for low-income housing (refer to the page 80 (Marked as page 51) in the red herring prospectus www.moneycontrol.com/news_html_files/pdffiles/mar2007/ivrprime.pdf). Then the IVRCL management blocked residents from accessing one of the common roads and have take up usage of this road exclusive for the use of the Hotel.
Subsequently, they are occupying the children’s play area in front of the club house for the use of a bar and restaurant. They have also laid down conditions that between 4 PM -6 PM children would not be able to use the tennis courts. In fact even in other areas they are laying down rules like you may use the lawn area for “passive recreation” etc…
It appears that the so called project office/ maintainence office seems to be only interested in exploitation of the common areas for commercial purposes without consulting or caring for the residents in any way.
Till now despite repeated pleas we find the management / Builders have not demarcated clearly land owned by the residents and the land owned by IVRCL/ Palm springs, as submitted to the HUDA and other government agencies. This is our legal right and there can be no question that this must be done, and is our only respite from slow incessant take over of all common areas for commercial use by IVRCL.
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