At least three large realty firms have placed bids to build and operate stretches of national highways that have come up for auction this year as part of expanding their portfolio to offset a slump in their core business. Unitech Ltd, DLF Ltd and Omaxe Ltd are among several infrastructure companies bidding for the right to build and operate national highway stretches that are currently being offered by the National Highways Authority of India, or NHAI, the regulator for inter-state highways.
The projects they are bidding for are part of the national highway development programme, or NHDP, which aims to upgrade more than 33,000km of highways, according to an NHAI official, who didn’t wish to be named.
The real estate sector in India has seen a slowdown in recent times as it has become expensive for developers to borrow money, with Reserve Bank of India raising the repurchase rate—overnight lending rates to banks—to a seven-year high of 9% last month.
More : livemint.com
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