DLF to invest Rs 3,000 Cr in B ‘Lore Real Estate Projects

June 6, 2007	(1 votes, average: 5 out of 5)  Loading ...
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Real estate major DLF Ltd is planning to come up with two Mega Townships in Bangalore soon. The project will involve an investment of a whopping Rs 3000 crore and will be developed in peripheral locations in the city – 80 acre in Beanerghatta and 120 acre in Electronic City.

The company is trying to get the approval for construction and the work is likely to start in another 3-4 months.

Both the projects will feature 10,000 apartments. The first phase of the development housing 2,000 apartments will be completed for occupation in the next 2-3 years.

At present, the company is working in a mall with a budget hotel including an investment of Rs. 1,000 crore in Whitefield area near Bangalore.

DLF is pondering over to raise Rs 8,750 crore to Rs 9,650 crore through its public issue of 17.5 crore equity share in June. Of the net proceeds of the issue, DLF will invest around Rs 3,500 crore for constructing the townships while the same size of capital would be used to acquire lands and developments rights for the development of new project.

A large part of money raised through the public issue is likely to be put in the company’s existing real estate projects in Gurgaon, Chennai, Hyderabad, and Bangalore. DLF also has another Chennai apartment project in its pipeline.

The company has already purchased 130 acres in OMR Road in Chennai to build 6,000 – 7,000 apartments with an estimated investment of Rs 1,800 crore.

News Published Under:   Real Estate Developers |