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Srinivasa Shipping to develop villas
Posted by Srini Uppala | June 28, 2008 | 526 views
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Loading ...Srinivasa Shipping & Property Development Ltd (SSPDL) will be developing a Rs. 250-crore gated villa community at Gundlapochampally here.
The project, ‘SSPDL Northwoods’, will be developed on 42 acres through a special purpose vehicle (SPV) in association with Indiareit Fund Advisors Pvt Ltd.
Managing Director of the company Challa Prakash said on Friday that the gated community project would have 200 dwellings each costing about Rs. 1.50 crore. The SSPDL would have 26 per cent stake in the project.
The company met the land purchase through internal accruals and the remaining expenditure would be met through bank loans and advances from the buyers.
The SSPDL Infrastructure Developers Pvt Ltd, an SPV held jointly by the company together with Innovative Realty Opportunity Funds Ltd, entered into an agreement to sell 2.40 lakh sq. ft of space to Accord Group of Hotels for developing a hotel in the ‘Promenade’ commercial space project at Egattur in Chennai.
The SPV would get Rs. 110 crore out of this sale, said Mr. Prakash.
The SPV was promoting the Rs. 200-crore ‘Promenade’ project with one million sq. ft of commercial space.
SOURCES:
The Hindu
Topics: Real Estate |
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