Uppal Housing to invest Rs 1,500 Cr in Expansion

September 12, 2007	(Be the first to rate this story!)  Loading ...
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Uppal Housing Ltd, a reputed organization in Delhi real estate market, has recently announced to invest a whopping Rs 1,500 crore by March to broaden its horizons outside the Capital and its suburbs. The company is also pondering upon a share sale in future.

Uppal plans to expand its property development business into Mumbai, Pune, Hyderabad and tier – II cities including Chandigarh. As such, the company has always kept itself focused towards Delhi, says Gian Bansal, Uppal Director and Chief Executive Officer.

Builders such as DLF Ltd, Unitech Ltd, and Parsvnath Developers Ltd are all being bullish on expanding their businesses outside the Capital and its suburbs such as Gurgaon and Noida. A downslide in the real estate market of these areas is the underlying reason for the developers to scout for other prospects.

Uppal may raise funds to garner capital for its expansion through internal accruals and project level private equity investments. The company is also considering opting for initial public offer (IPO).

Uppal is also likely to bring its SEZ in Gurgaon. Involving an investment of Rs 5,000 crore, the project will be developed in collaboration with a foreign partner and would come at an area of 263 acres.

The company has plans to come up with three more SEZs. Land acquisition for the zones has already been completed.

News Published Under:   Real Estate Developers |

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