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Suncity to invest Rs1,800 cr on a realty project in Jaipur

Suncity to invest Rs1,800 cr on a realty project in Jaipur
PTI
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First Published: Sun, Feb 10 2008. 04 31 PM IST
Updated: Sun, Feb 10 2008. 04 31 PM IST
New Delhi: National capital-based realty firm Suncity Projects is planning to invest about Rs1,800 crore to develop a property in Jaipur that would comprise of a shopping mall, a hotel and an office complex.
The project ‘Jewel of India´ would be developed over 20- acre of land having 4 million sq ft of developable area.
“We are coming up with a big project in Jaipur where we will develop a world-class retail destination along with a five-star hotel and an office complex, all in one building,” said L N Goel, the company’s chairman.
Goel said the investment in the project was estimated at Rs 1,800 crore over the next 30 months. It would be funded through bank loans and internal accruals.
The land had been provided by an industrialist M P Jaipuria, who was also a partner in the project, Goel said, adding that the construction work was expected to start soon.
About 2 million sq ft space have been kept aside for retail, while 3 lakh sq ft each have been kept for hotel and office space. The hotel would have 250 rooms.
Targeting tourists, particularly those who would stay in the hotel, Suncity plans to develop a ‘Jaipur Haat´ in the project where traditional items of the state would be available. The haat would be spread over two lakh sq ft area.
There would also be a six-screen multiplex by Fun Cinema to meet the entertainment needs.
The company has already signed brands like Lifestyle, Westside, Pantaloon and Shoppers’ Stop for its shopping mall.
Suncity Projects, which is promoted by the Essel Group, Action Group and Odeon Builders, has three shopping malls in Delhi and has executed a township and a group housing projects in Gurgaon.
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First Published: Sun, Feb 10 2008. 04 31 PM IST
More Topics: Suncity | Projects | Jaipur | L N Goel | Office |