DLF Plans Commercial and Residential Projects in Chennai and Hyderabad

March 9, 2009	(Be the first to rate this story!)  Loading ...
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DLF plans to invest around INR 3,500 crore in various residential and commercial projects in and around Chennai and in Hyderabad. The projects will be developed through a SPV, which will have equity capital from DLF, JV partners. The balance fund requirement would be met through internal accruals. DLF Commercial Developers have proposed to set up a housing project under the premium category on 100 acre behind Siruseri, Chennai at an investment of INR 1,200 crore. The project is expected to be completed in the next 31 months. However, it plans to develop plots and bungalows on 250 acre land at Sriperumbudur, near Chennai. The project is likely to entail an investment of INR 450 crore to INR 500 crore. The bungalows are likely to be developed in a phased manner over the next 3 to 4 years.

As per report, DLF plans to infuse another INR 400 crore in the IT SEZ at Manapakkam in Chennai. The real estate major has already invested INR 1,100 crore and has developed 2 million square feet in Phase I. A sum of INR 250 crore is being invested for developing a luxury mall in Chennai spread over 5 acre and another INR 150 crore will be spent on setting up a 300 room premium business class hotel at Siruseri. In Hyderabad, it is developing three malls at an outlay of INR 600 crore, a group housing project at Rs.400 crore and intends to spend INR 150 crore on plot development.

News Published Under:   Real Estate Developers |

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