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News & Views on Indian Real Estate

Tuesday, June 17, 2008

Rs 300 Crore Housing Project to be developed by Elpro Estates

Elpro International’s real estate arm Elpro Estates plans to invest around Rs 300 crore in developing a mall and a housing project in Pune. A part of the investment will be through internal accruals and a part through debt. The mall would be known as Elpro Mall. It would be of seven and half lakh sq ft and be operational by the first quarter of 2009. The mall will be developed on 1, 50,000 sq ft of land and will have more than 50 brands apart from a multiplex and a food court. The housing project of the company, 'Metropolitan' will be developed on an area of five lakh sq ft. In the phase I, there will be around 350 apartments. Later, they may come up with similar projects in the area. The projects have been planned keeping in mind that there is an IT park nearby and hence there would be ready buyers for the apartments.