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CHD to invest Rs1,000 crore on realty projects

CHD to invest Rs1,000 crore on realty projects
PTI
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First Published: Mon, Jan 14 2008. 04 39 PM IST
Updated: Mon, Jan 14 2008. 04 39 PM IST
New Delhi: Real estate firm CHD Developers Ltd plans to invest Rs1,000 crore in the next four years to develop its ongoing projects and for expanding business at new centres like Bangalore and Udaipur.
The national capital-based firm is presently developing an integrated township at Karnal, Haryana on 200 acre land. Besides, it plans to come up with a low cost ‘Senior Citizen Retirement Township’ in the same city spread over 100 acre.
“We have two big projects at Karnal and we are also looking at projects in Bangalore and Udaipur. We plan to invest Rs1,000 crore in the next 3-4 years for developing properties at these locations,” CHD Developers Chief Financial Officer Vishal Rajpal said.
When asked about the source of funding the investments, he said it would be done primarily through internal accruals, debt and advances from sales.
Besides, Rajpal said the company is in process of raising Rs43 crore from preferential issue and has plans to go for another similar issue of Rs200-250 crore in the next 3 years.
Giving details of the township project at Karnal, Rajpal said, the investment to develop this property would be Rs450 crore, including land cost. Besides selling plots and villas, the company would develop a shopping mall on 4 lakh sq ft and a hotel comprising 70 rooms in the township.
On the low-cost housing project for senior citizens, he said: “We will be developing about 2,400 villas at Karnal. The price of these villas will be in the range of Rs14-25 lakh”. The investment on this project would be Rs365 crore.
CHD, which has done many commercial projects in Delhi, is looking to expand and has identified lands for a residential scheme in Bangalore and commercial project in Udaipur. It would invest about Rs200 crore on land acquisition.
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First Published: Mon, Jan 14 2008. 04 39 PM IST