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SVP Builders to invest Rs500 cr, enters healthcare

SVP Builders to invest Rs500 cr, enters healthcare
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First Published: Wed, Jan 16 2008. 10 30 AM IST
Updated: Thu, Jan 17 2008. 03 50 PM IST
New Delhi: Ghaziabad-based real estate developer SVP Builders India Ltd, on 16 January announced an investment of Rs500 crore in residential, commercial and healthcare spaces in the next couple of years
An SVP Group firm would offer over 3,100 flats in NCR and a 300-bed multi-speciality hospital in Faridabad. Diversification into energy and exports is also on the cards.
“We have already acquired 100 acres of land banks in the NCR region, which will facilitate construction of more than 3,100 apartments, providing 50 lakh sq ft of residential space and 2 malls covering 7 lakh sq ft of commercial space by 2010,” said V.K. Jindal, chairman and managing director, SVP Group.
The group’s future projects include ‘Gulmohur Residency’, which will have 300 Service Apartments in Indirapuram and ‘Gulmohur Woods’ a residential project with 1,000 flats in Greater Noida.
This is also the first time that the Rs2000-crore company is entering the health sector. While the Faridabad hospital would be ready by 2009, SPV is planning another hospital in Ghaziabad, “work for which would kick-start only in the latter half of 2009” Sunil Jindal, CEO, SVP Group told Livemint.com.
“We plan to raise 50% of the required revenue for the projects through internal accruals and the remaining 50% through sales and bank loans,” added Sunil Jindal.
Among its major ongoing projects in the commercial and residential sectors are the Opulent Mall, Gateway Mall, Gulmohur Greens, Gulmohur Gardens, Gulmohur Towers and the Vishveshwarya Group of Institutes for advanced specialized learning.
The group has been responsible for building over 200 budget dwellings and 1,200 middle income group homes in Ghaziabad. “The middle income group homes were 2-bedroom flats in the range of Rs3-4 lakh in 2004,” said Sunil Jindal.
In response to a query about its expansion beyond Uttar Pradesh, Sunil Jindal confirmed that SVP plans to go to Punjab in the near future.
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First Published: Wed, Jan 16 2008. 10 30 AM IST