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Our Bureau

New Delhi , Oct. 12

Jaipuria Sunrise, the real estate arm of RJ Corp, said that it would invest about Rs 350 crore to develop residential complexes in Sri Lanka and Nepal in the next 2-3 years, on the sidelines of an announcement about its tie-up with the Walt Disney Company.

"We expect to start constructing a 47-storey residential complex in Colombo by December at a cost of about SL Rs 1 billion (approximately Rs 50 crore)," said Mr Ravi Jaipuria, Chairman, RJ Corp. "It is a sea front facing location in a prime area of Colombo and we expect good returns from the amount invested," he added.

On the company's residential project in Kathmandu, Mr Jaipuria said, "The estimated cost of the Kathmandu project is about Rs 250-300 crore and we expect to complete it in the next two and half years." He also clarified that the company had no intentions of real estate acquisition in the European market.

"Currently, our focus is on the domestic and the adjoining markets," he said.

Jaipuria Sunrise is also in the process of developing various commercial and residential properties in and around the National Capital Region. "We are looking at developing a township in Agra over and above our plans for developing complexes in places like Gurgaon."

Mr Jaipuria said that the entire financing for the projects in Nepal and Sri Lanka would come through internal accruals.

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