Prague  - The real estate developer Orco Property Group SA, which is active in central and eastern Europe, has plunged into the red amid stagnating real estate markets in parts of eastern Europe and the worldwide credit crisis.

The Luxembourg-registered group reported a loss of 14.1 million euros (20.6 million dollars) in the first half of 2008, down from net profit of 55 million (80.7 million dollars) in the same period the previous year.

Sobha Developers Ltd, Bangalore-based realty developer, is planning to raise Rs 350 crore through a rights issue.

According to sources, the company will conduct an extraordinary general meeting (EGM) on September 22 to get the required shareholders approvals for the rights issue. It plans to use the proceeds for general corporate purposes, including working capital, acquiring land and other needs.

DLF, the country's largest property developer, plans to seek shareholder approval to raise as much as Rs 10,000 crore from institutional investors for its development plans, over the next 12 months.

According to the company, the shareholders will pass an enabling resolution to this effect in the next annual general meeting which will be held on September 30. The company may sell shares to investors within 12 months of getting the approval.

Phoenix Mills, engaged in the business of developing real estate has announced that MPC Synergy, a German based company will be investing around EUR 200 million at the SPV level of the Phoenix Mills Group as well as the EWDPL Group.

Phoenix Mills holds around 42 percent equity stake in Entertainment World Developers, India, which is involved in the building as well as operation of mixed-use retail centers and townships.

Real estate major Ansal Properties and Infrastructure announced that it has decided to invest Rs 3,600 crore for developing a 270-acre IT Special Economic Zone and parks in India.

A statement issued by Ansal properties informed that this 270 acre SEZ would have an IT zone, residential zone and a recreational area.