Business Daily from THE HINDU group of publications
Wednesday, Jan 30, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Jan 30, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Venture Capital Web Extras - Real Estate & Construction Golden Gate plans SEZ, township projects K.V. Kurmanath Hyderabad, Jan. 29 Golden Gate Properties Ltd (GGPL), the Bangalore-based real estate company that received a funding of Rs 275 crore from Deutsche Bank’s realty investment arm last week, is planning to come up with a Rs 500-crore special economic zone (SEZ) in Bangalore. “We have received the initial nod from the Government to set up the park. It would also have a multiplex and shopping malls,” Mr K. Pratap, Managing Director of GGPL, told Business Line. The company would focus on integrated township projects, with an estimated Rs 500 crore, in Bangalore and Hyderabad. It has announced a township project at Tellapur on the city outskirts. The 40-acre project would have 2,000 flats. Another would be in the Shamshabad area where the greenfield international airport is coming up. These townships would have all the amenities, Mr Pratap said. “At any given point of time we will be working on 10 projects. Each year, we will take up three new projects,” he said. After Bangalore and Hyderabad, the company is looking at opportunities in Mysore and Pune.
“There is a huge potential still left in major cities. The tier-II cities such as Vijayawada and Visakhapatnam have not yet evolved to absorb large residential projects,” he said. Mr Pratap said the investments from Deutsche Bank’s RREEF were long-term in nature. He also hinted at more funding from the bank in the future. The company would go for project-specific funding from other players as they take up big residential projects. On slowdown in the real-estate sector, he pointed out that it would only help as it will drive the speculators and investors away from the market, leaving the field only for real buyers. “Markets will slowly evolve. The developers too are in a learning curve. Things would come to a logical conclusion. The market has to relate to the needs of customers,” he said. More Stories on : Venture Capital | Real Estate & Construction
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