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Suncity to invest Rs6,000 cr on realty projects

Suncity to invest Rs6,000 cr on realty projects
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First Published: Sun, Aug 10 2008. 11 45 AM IST
Updated: Sun, Aug 10 2008. 11 45 AM IST
By PTI
New Delhi: Real estate firm Suncity Projects plans to invest about Rs6,000 crore over the next four years to construct SEZs and townships, across the country.
The company has acquired 4,000 acres of land in different cities where it would be developing over 10 projects in all verticals such as housing, commercial, shopping mall, hotels, SEZs and townships.
“We are expanding in a big way. We are coming up with many projects in different cities for which land has already been acquired with an investment of about Rs3,000 crore,” Suncity Projects director Ashok Bansal told PTI.
“We will invest about Rs6,000 crore over the next four years on construction,” he said. The investment will be funded through internal accruals and debt.
Delhi-based Suncity Projects, which is being promoted by Zee Group, Action Shoes and Odeon Builders, is developing six townships at Rohtak, Jaipur, Kaithal, Rewari and Indore of various size ranging between 100-500 acre.
Besides, a huge mall-cum-hotel project ‘Jewel of India´ covering 40 million sq ft area is coming up at Jaipur where the company would promote heritage and handicraft offering of the city. The 5-star hotel would have 225 rooms.
On similar concept, Bansal said the company would bring malls to Greater Noida, Mohali and Indore. The company is building about 5-6 commercial projects, which would provide office space of more than 20 lakh sq ft.
The 167-acre IT SEZ project at Gurgaon has been notified and construction would begin next month. An entertainment hub spread over 232 acre is also planned at Greater Noida.
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First Published: Sun, Aug 10 2008. 11 45 AM IST