Monday, the media reported that the capital-based real estate firm, would invest over Rs.6, 350 crores in developing two projects in North India in spite of high interest rates faced by the realty players.
The company plans to develop two premium residential complexes in Ludhiana, of which one would come up on a 12-acre land. The other township, to be spread over 175 acres, would also have a nine-hole golf course, said the report.
The company had already acquired land for both the projects. Aeren R Enterprises President and Chief Executive Officer, Prabhu Dutt reportedly said that the township in Ludhiana would be developed by 2012 at an estimated construction cost of over Rs 6,000 crores. He said that the company is awaiting regulatory approvals for the project and is expected to commence work within nine months. He further said that the company is negotiating with some global players and open to private equity participation. It is likely to be finalized in the next four months.
Dutt further stated that the company would infuse Rs.350 crores in the Queen Court residential project spread across 12 acres. He added that that it would house about 650 high-end residential units and the necessary approvals have already been received. He further added that the project would be completed by 2010.
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