News & Views on Indian Real Estate

Thursday, September 04, 2008

HCC To Invest Rs 10, 000 Crore In Township Projects

HCC Real Estate Ltd (HCCREL) is foraying into large size land deals. The plots, aggregating 1,550 acres in various parts of India, will be used to develop townships. The company is planning to invest Rs 1,000 crore in the initial phase of the project this financial year. These funds will be raised through HCCREL's forthcoming IPO, Mr. Rajgopal Nogja, its president said. He added, "We are acquiring 1,000 acres of land in Nashik apart from 300 acres in Thane in Mumbai and about 250 acres in Pune. Plans are on the anvil to enter into land deals in markets such as Panvel, Kolhapur and Nagpur as well." Besides this, the company is also planning an 80 acre slum rehabilitation scheme in Vikhroli East in Mumbai. As far as the future plans of the company are concerned, Mr. Noja said, “In the next three years. We will have a pan India presence. We will venture into new markets and set up townships and SEZs in Gujarat and Goa."