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Moumita Bakshi Chatterjee

New Delhi, June 17 Real estate company Suncity Projects Ltd said that it is in talks with 3-4 private equity players to raise about Rs 350 crore for its proposed IT/ITeS special economic zone project in Gurgaon.

“We are talking to PE players based in the US and Israel, for project-specific funding. We have no plans to raise funds at a company level, till we go for an IPO either in end of 2009 or early-2010,” Mr Ajay Aggarwal, Director, Suncity Projects, said.

The company is open to offloading 35-40 per cent in the upcoming SEZ project, which is spread over a 15 million sq feet. “We have already received the necessary approvals for the SEZ, and are ready for construction. About 50 per cent of the area is processing and 50 per cent is non-processing. The SEZ will be completed in 6-7 years,” he pointed out.

Suncity Projects, last year, had raised Rs 40 crore from Landmark for a township project at Indore, he added. “The 130-acre land will have plots, villas, apartment and commercial space. Construction is currently on and it is scheduled for completion in four years,” Mr Aggarwal said.

Suncity Projects, promoted by Action Group, Essel Group and Odeon Builders, with each holding equal stake, is also planning a foray into southern India. “There are plans for southern India and we are looking for lucrative projects in Bangalore, Hyderabad and Pune. We are interested both in residential as well as commercial opportunities. We currently have significant presence in northern India and also have a land bank in Pune,” he pointed out.

At present, close to 40 per cent of the company’s projects are in the residential segment, and the balance across retail and office space.

“In addition, we also have a hotel project coming up in Jaipur with a mixed land usage. The project will have retail, office space and also a 5-star hotel. While 13-14 lakh sq ft of space is earmarked for retail, 5-6 lakh sq ft is office, and 2.5 lakh sq feet is for hospitality,” he said adding that the company had already roped-in Marriott for the hotel venture.

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