Uppal, QVC Realty in pact for Rs1,000-cr township project

Uppal, QVC Realty in pact for Rs1,000-cr township project
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First Published: Tue, Feb 05 2008. 12 28 PM IST
Updated: Tue, Feb 05 2008. 12 28 PM IST
PTI
New Delhi: Real estate company Uppal Group has tied up with IL&FS-funded venture capital firm QVC Realty for developing a 150-acre township in Gurgaon, entailing a cost of Rs1,000 crore.
“We’ve entered into an agreement with QVC for developing a Rs1,000 crore township at a prime location in Gurgaon. The project cost will be shared equally by both the parties,” Uppal Group director (finance), Ajay Mangal, told PTI.
The company has diluted 50% stake of the project to QVC Realty and expects a realization of Rs1,600 crore from the project, he said.
Uppal has already acquired the land for Rs600 crore in Gurgaon sector 99, which is adjacent to the Special Economic Zone being developed by Reliance, Mangal said.
On funding, he said the company has already invested its share of Rs300 crore for land acquisition and would pump in the remaining Rs200 crore in future course of time through debt and internal accruals.
The construction would start in four or five months and would be completed in four years.
It would primarily be a residential complex, with some portion for commercial purpose, he added.
He, however, did not divulge the number of housing units, saying: “The plan is under preparation and nothing has been finalized.”
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First Published: Tue, Feb 05 2008. 12 28 PM IST