HCC Real Estate Ltd (HREL), a 100 per cent subsidiary of Hindustan Construction Company, intends to develop a mini township on 500 acre at Nashik in Maharashtra. The investment for the proposed project is likely to be in the range of Rs 600 - 800 crore.
Initially, the company is planning to invest Rs 100-120 crore to develop the necessary infrastructure for the project. The remaining amount is likely to be raised through financial institutions.
HREL is expected to develop around 1,000 apartments in Nashik, which will also have commercial spaces to cater to the needs of the inhabitants. Currently, land acquisition is underway and work on the project is expected to begin by December 2010.
Besides, plans are afoot to develop two additional mixed-use mini-townships on 200 acre each at Pune and Thane in Maharashtra, for which land acquisition has already been started. The Pune township is likely to have substantial portion reserved for commercial use, while majority area in the Thane project will be set aside for residential projects.
Source ProjectsToday
|