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QVC Realty to invest Rs 1,500 cr to develop townships
Posted by Srini Uppala | November 28, 2007 | 406 views
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Loading ...In a bid to cash in on the demand for homes in and around upcoming international airports in the South, Bangalore-based realty firm QVC Realty proposes to invest around Rs 1,500 crore towards developing residential townships in Bangalore and Hyderabad.
QVC Realty’s plans entail acquiring about 100 acres at Devanahalli in Bangalore and about 200 acres at Shamshabad in Hyderabad. “We are in advance negotiations for land in both locations. The idea is to develop quality residential townships in newer suburbs.
In this case, owing to the upcoming airports, both Devanahalli and Shamshabad would witness a lot of infrastructure development in the coming years. Both locations are poised for a dramatic change over the next five to seven years. Therefore, it makes good business sense to invest in these locations,” said Prakash Gurbaxani, founder & CEO, QVC Realty.
The company is in talks to acquire two separate land patches at Devanahalli for two projects — a 40-acre property on which the company expects to construct 600 town-homes and a 60-acre patch on which it would construct 400 villas.
“Both projects put together would see development of around 2.5 million sq ft and each project would be developed over a four-year period,” he said. On the proposed development at Shamshabad, Mr Gurbaxani said his company is looking to develop over two million sq ft across different segments.
SOURCES:
Economic Times
Topics: Real Estate |
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