HCC to Invest In Townships

August 23, 2008	(1 votes, average: 5 out of 5)  Loading ...
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HCC Real Estate Ltd (HCCREL), the real estate arm of construction major Hindustan Construction Company (HCC) will be investing a thousand crores in townships in various parts of India. HCCREL is planning to invest the sum in the initial phase of the project this financial year. Funds will be raised through HCCREL’s forthcoming IPO, Rajgopal Nogja, its President, said. According to Nogja, “We are acquiring thousand acres of land in Nashik apart from 300 acres in Thane in Mumbai and about 250 acres in Pune. Plans are on the anvil to enter into land deals in markets such as Panvel, Kolhapur and Nagpur as well.”

Apart from this, HCC Real Estate is also planning an eighty acre slum rehabilitation scheme in Vikhroli East in Mumbai. The company is currently engaged in constructing two million square feet IT park in Vikhroli. Nogja said, “The IT Park will be a world class construction with gold rated LEED certification for green buildings. It will be ready for occupation in 2009. We hope to achieve very good valuation once the project is completed.” He informed that Future Group’s Pantaloon and Orange have already leased almost 30% of the park christened `247 Park’.

News Published Under:   Real Estate Developers |

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