IVRCL Assets & Holdings Ltd Merged Company Summary

IVRCL Assets & Holdings Ltd Merged Summary

IVR Prime Urban Developers Limited was established as the Urban Development wing of the hugely successful and renowned infrastructure giant IVRCL Infrastructures & Projects Limited in 28th June of the year 1996 under the name of IVR Realtors Limited. IVR Prime is a growing real estate development company focusing on integrated townships, residential developments, and commercial projects, including hotels, retail malls, IT parks and other projects in various parts of India. The certificate of commencement of business was granted to the company in 10th July of the year 1996. In addition to the construction and development of residential and commercial premises on the lands owned by the company, it also entered into joint development agreements with landowners or other third parties in which retain the control of the development role in relation to the lands owned by these parties. Under joint development agreements, IVR Prime shares the market risks of development with the landowners, but not the cost of the land. Accordingly, the company pursues projects under a joint development mode, particularly, when the cost of land is high or where landowners do not wish to sell their land. The Company name was changed from IVR Realtors Limited to IVR-Prime Urban Developers Limited in 18th January of the year 2001. IVRCL in same January of the year 2001, made an investment into the company and thereby IVR Prime became the subsidiary of IVRCL. The Company was selected as the special purpose vehicle to implement the residential complex for the athletes and the officials for the 32nd National Games, held during December of the year 2002 in Hyderabad. The name was further changed from IVR-Prime Urban Developers Limited to IVR Prime Urban Developers Limited in 12th June of the year 2006. IVR Prime had committed with six projects in Hyderabad during the year 2007, namely Hitec City Project (residential and commercial), Hill Ridge Project (commercial) and Hill Ridge Springs (residential). In Bangalore it had four residential projects at Jigani, Green Vista, Whitefield Apartment Whitefield Kudlu, Hosur Road and a commercial project at Prime Lake, Begur. In Chennai, the company had two commercial / residential projects at Prime Celestial, Vayalur and Prime Pacific, Sriperumbudur. IVR Prime has a land bank of 3,244 acres as at 31st March of the year 2008, located in and around Hyderabad, Chennai, Nagpur, Bangalore, Pune and Visakhapatnam. The Company acquired development rights from the parent company for housing development in Sectors 119,118 and 121 and commercial development by way of IT SEZ in Sector 144 of New Okhla Industrial Development Authority (NOIDA). The Company had other residential projects at Visakhapatnam, Pune (three projects), and Noida (three projects) and a commercial project at Noida. During April of the year 2008, the company had entered into joint development agreement with other companies and individuals owning lands for the construction of high-rise residential apartments at Kukatpally worth of Rs 3,860 million.