New Delhi: Hindustan Construction Company (HCC) said on 21 January that it is expecting a total revenue of Rs1,47,000 crore over the next 10-15 years from the ‘Lavasa´ hill station project being developed near Pune in Maharashtra.
“The total revenue expected from the Lavasa project is Rs1,47,000 crore,” said Ajit Gulabchand, HCC chairman and managing director.
He added that the first phase would start in 2009-10 and all the four phases are expected to be completed by 2020.
Gulabchand, who is also the chairman of Lavasa Corporation Ltd which is developing the hill station, said: “We have already invested Rs1,000 crore to provide initial infrastructure at Lavasa project.”
The ‘Lavasa´ hill station project is being developed by HCC along with L M Thapar Group and Venkateshwara Hatcheries. HCC holds 65% stake in Lavasa Corp, while Thapar Group has 15% share and Venkateshwara Hatcheries 12.5%. The remaining stake is held by two other local entities.
Gulabchand said the investment would be around Rs3,000-4,000 crore in the first phase, after which the project would be self-sustaining. He declined to comment on the total investment expected to be pumped in to the entire project that will be spread over an area of more than 12,500 acres of land.
The total project cost would be Rs40,000 crore, Lavasa Corporation President Rajgopal Nogja said, adding funds would be sourced through various options such as equity from all the promoters, debt, private equity and joint ventures.
Over 200 million sq ft area would be developed in the Lavasa project comprising housing, villas, hotels, hospitals and various other facilities. Besides Lavasa, HCC is developing three townships in Mumbai, Nashik and Pune and an IT park in Mumbai covering two million sq ft area.