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News & Views on Indian Real Estate

Friday, May 30, 2008

Rs 4, 000 Crore Project To Be Developed By Sterling Urban Developments

Sterling Urban Developments, a joint venture floated by HDFC Property Fund (a subsidiary of Housing Development Finance Corporation) and Bangalore-based Sterling Developers will take up development of 150 acres in Whitefield at a cost of Rs 4,000 crore. The project, ‘Sterling Villa Grande’, is being taken up in Whitefield and will see a total built-up of 20 million square feet at a cost of Rs 4,000 crore. The project is being built in phases. Along with the Bangalore project, the company is also into expansion. As part of expansion the company has commenced property development in Pune and Kochi. The company is actively considering acquiring two infrastructure companies to aggressively enter infrastructure sector. Sterling Developers’ investment plans span education and hospitality sectors as well. The company has acquired land for hotel project in Hyderabad and Bangalore. Currently, the company owns and manages the Canadian International School, in Bangalore and is planning one each in Lonavla and Noida. The move by HDFC to invest in the property development of Sterling Developers follows a string of high-profile global private equity in Bangalore real estate. Global institutions such as Goldman Sachs, JP Morgan, Blackstone, Citi are actively hunting down lucrative investments in this market which is witnessing growth at a furious pace.

Vikas Bamotra said...

HDFC Property Fund and HDFC’s International Property Fund, which raised $800 million
last year, both have committed Rs 40 crore each in Sterling Developers’ mixed-use
property development. Speaking after launching the project, a spokesperson for HDFC
Property Fund

Along with the Bangalore project, the company is also into expansion. As part of
expansion the company has commenced property development in Pune and Kochi.

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