IVRCL Infrastructures subsidiary IVR PUDL values its land bank

IVRCL Infrastructures & Projects Ltd has announced that the Company has received from its subsidiary, IVR Prime Urban Developers Ltd ("IVR PUDL") on December 09, 2006, an Opinion of Value Report dated December 01, 2006, prepared by Cushman & Wakefield India Pvt Ltd, which has assessed the net present market value of the portfolio of approximately 1,655 acres of land reserves of IVR PUDL as of December 01, 2006 (the "Report").

The land reserves to which the Opinion of Value relates are those to which title is with IVR PUDL, or land from which economic benefit can be derived through a documented framework (such as with third party individuals or corporate entities) or where IVR PUDL has executed a joint development agreement or an agreement to sell. These reserves represent an aggregate of approximately 52 million square feet for various projects currently in various stages of development (i.e., Land acquisition, planning and under construction) involving development of residential, commercial, retail and hospitality projects across 14 locations in Bangalore, Chennai, Pune, Noida, and Hyderabad.

Based on a range of assumptions and premises, adopting valuation standards prescribed by the Royal Institution of Chartered Surveyors, UK and the Appraisal Institute, USA, the Report provides an opinion of value in respect of the land reserves as of December 01, 2006, at a range of Rs 38,879 million to Rs 42,971 million. This opinion of value is based on a number of caveats and limitations which are stated in the Report.

Source : Equity Bulls

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