The Hindu Business Line : Advance India scouts for partners for new projects

Real estate developer Advance India Projects Ltd (AIPL) has said it is in talks with financial institutions and realty funds for exploring joint ventures for new township projects in locations such as Goa, Bhopal, Vizag and Kochi.

"We are looking at the possibility of a joint venture with foreign or Indian financial institutions, and realty funds. We are already talking to some of these companies for an SPV model for new townships that will come up in future. We are looking at acquiring land in Goa, Bhopal and in southern India. This will be the second phase of expansion for us," Mr Sanjay Sachdeva, Vice-President - Marketing, Advance India Project Ltd, said here.

Celebration mall

The company, which had so far undertaken commercial projects, is also looking at retail in a big way, with the launch of `Celebration Malls' across eight locations, including Amritsar, Udaipur, Ambala, Jalandhar, Khanna, Dehradun and Gurgaon.

For the chain of Celebration Mall, it has tied up with Fame Adlabs at Amritsar and Ambala, and with PVR at Jalandhar, Khanna.

The project in Udaipur, entailing an investment of Rs 100 crore, would focus largely on the floating tourist population in the city.

"About 60 per cent of focus of the project in Udaipur is towards 12 lakh tourist population per year, which has a great shopping potential.

A lot of space in the mall is likely to be taken by the local traders who would display handicraft, jewellery and local items," he said. The Udaipur mall would be completed by September 2008.

It is also planning to come up with premium townships and resorts in Amritsar, Ludhiana and Khanna.

The township in Amritsar would also have a `Grand Celebration mall' with integrated retail development. The projects by AIPL would be funded through a mix of bank borrowings and internal accruals, he said.

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