QVC Realty, India’s first venture funded Real Estate Company, announces to invest Rs 2,500 crore to develop two exclusive townships in Gurgaon.
The company is looking forward to take up more such projects in Southern India.
The estimated investment for these two projects will be around Rs 2,500 crore each and made over the next 3-4 years. QVC has already acquired 200 acre land in Gurgaon for the proposed project, informs CEO Prakash Gurbaxani.
At present, the project is under designing stage and is likely to launch in next -9 months. And, it is scheduled to be completed by 2011.
The company has raised $100 million from IL&Fs investment Managers Ltd (IIML) to garner funds for the project. A part of the proceeding will be used to buy the land and will meet the cost of development from debt, internal accruals, and equity at project level.
Apart from broadening horizons to Gurgaon, QVC is also considering acquiring a realty project in Bangalore and is in a look out for good chunks of land in Hyderabad, Pune, and Chennai.
Source: indianrealtynews.com
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