Bangalore: India’s first venture capital-funded real estate company, QVC Realty Pvt. Ltd, plans to invest $150-200 million (Rs594-792 crore) in 2008 in new and existing projects.
The Bangalore-based company, which had raised $100 million of venture capital funding in April this year from IL&FS Investment Managers Ltd (IIML), has already committed $80 million to date.
IIML is the private equity arm of Infrastructure Leasing and Financial Services Ltd.
QVC says it will launch four new projects next year. QVC chief executive officer Prakash Gurbaxani said the projects would be in north Bangalore, Hyderabad, Chennai and either Pune, or Indore.
QVC currently has two township projects of about 10 million sq. ft in Gurgaon. Gurbaxani said 1 million sq ft. area in the two townships would be developed for commercial use, while the remaining would be for residential complexes.
The company will begin its next project in Chikmangloor, in Karnataka, within six months. The 150 acre project is a “second homes” project, also including a nine-hole golf course and a resort. QVC said it will seek a partner for running the resort once it becomes functional.
The real estate firm said it has a land pool of 300 acres. It will go for a second round of funding by mid-2008 and plans to raise up to $200 million.
Gurbaxani said a major part of the new funding will also come from IILM and that QVC may go to the market in order to raise funds, if the company thinks it necessary to do so.