New Delhi: Real estate firm Aeren R Enterprises plans to pump in over Rs6,350 crore in developing two projects in North India despite hardships faced by realty players on account of high interest rates.
The company plans to develop two premium residential complexes in Ludhiana, of which one would come up on a 12-acre land. The other township, to be spread over 175 acres, would also have a nine-hole golf course. It has already acquired the land for both the projects which will be developed by 2012.
“The projects will be constructed at an estimated cost of over Rs6,000 crore,” Aeren R Enterprises president, corporate affairs and CEO Prabhu Dutt told PTI. He confirmed that investment on the other project would be about Rs350 crore.
The company is currently awaiting regulatory approvals for ‘International City´ construction for which is expected to start within nine months, he added.
On any possible tie-up in developing the project, Dutt said, “We are open to private equity participation and currently talking to some international players. It is likely to be finalized in the next four month.”
The other township, Queen’s Court, spread over 12 acres in the same city has already received the necessary approvals and it is expected to be ready by 2010. An estimated Rs350 crore will be infused in this project which will house atleast 650 high-end residential units.