Suncity to Invest Rs 10, 000 Cr in Realty Projects

September 17, 2007	(1 votes, average: 5 out of 5)  Loading ...
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Suncity Projects Ltd, a prominent name in Indian real estate, is planning to invest a whopping amount in between Rs 8,000 - Rs 10,000 crore over the next four to five years.

The company is looking forward to tie up with famous real estate conglomerates to expand horizons into hospitality sector, says Ajay Aggarwal, Director, Suncity Projects.  It may also opt for an initial public offering (IPO) by 2009-end.

Recently, a multitude of builders have made a beeline for tapping the capital market to raise funds as most of the traditional sources of funding have dried up.

Suncity is considering joining hands with an Israel based hotel chain to give a boost to its hospitality business. The name of the company is not revealed till now.

In a bid to tap the potential of upcoming hospitality sector in India, Suncity plans to construct 10-15 three and five star hotels in tier-II and tier-III cities. The plans have come up at the right time as the country is facing a major shortage of hotel rooms.

Other proposed real estate projects by Suncity includes an information technology special economic zone (SEZ) in Gurgaon, which has already received the nod from the government.

The company will finance the planned capital through internal accruals, private equity investment for specific projects and banks.

News Published Under:   Real Estate Developers |