Financial Daily from THE HINDU group of publications
Friday, Oct 29, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 29, 2004 |
||
|
|
||
|
Industry & Economy
-
Infrastructure Big township planned in Sonepat Moumita Bakshi
New Delhi , Oct. 28 REAL estate developer Parsvnath Developers Ltd is planning a 1,000-acre township in Sonepat, entailing a project cost of Rs 2,000-3,000 crore. "In the first phase, we will develop 450 acres of land and we are already in talks with Jammu and Kashmir Bank and Punjab National Bank to tie up Rs 150 crore. We expect to tie up the amount in a month's time," Mr Pradeep Jain, Chairman of Parsvnath Developers Ltd said. Mr Jain said that the seven-year project would be kicked off in four to five months' time. The first phase would be completed in three years and will involve plotted development, and group housing. The investment in the first phase alone would be about 40 per cent of the total project cost. Of this, the initial land and development cost is estimated to be about Rs 300 crore, which would be realised with the sale of plots. "Besides the loans, the project would be part funded through customer finance and our own resources, and if we still need additional funds, we will approach financial institutions," Mr Jain added. Elaborating on the reason for selecting Sonepat as a location for the proposed township, Mr Jain said that a large amount of existing development was centred around Noida, Greater Noida, Gurgaon and Ghaziabad. "We have received a strong response to the Sonepat project. On a trial basis, we had invited Expressions of Interest (EoI) from customers and within 30 days we received demand for 1,500 plots," he said. Meanwhile, the company has posted a turnover of Rs 112.9 crore in 2003-04 as against Rs 69.3 crore during the previous year, a growth of 62.79 per cent.
More Stories on : Infrastructure | Other States
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|