News & Views on Indian Real Estate

Monday, September 15, 2008

Suncity Plans To Raise Rs 500 Crore

Real estate firm, Suncity Projects Ltd is planning to raise up to Rs500 crore through private equity for development of its IT special economic zone (SEZ) project at Gurgaon. "We are in talks with various private equity firms to raise Rs350-500 crore for our IT SEZ project in Gurgaon. The project cost to develop the SEZ would be between Rs3,000 and 4,000 crore," Suncity Projects Director, Mr Ashok Bansal said. The IT SEZ spread over 167 acre has been notified and construction would begin next month, he added.