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.
