Gurgaon-based real-estate firm Vipul Ltd will pump in about Rs 13,000 crore in the next five years to develop realty projects.
To expand footprint beyond north India; will make forays into Orissa, Andhra
NEW DELHI: Gurgaon-based real-estate firm Vipul Ltd will pump in about Rs 13,000 crore in the next five years to develop realty projects.
“In the next five year, we will invest about Rs 13,000 crore in various projects, both existing and future,” Vipul Ltd managing director Punit Beriwala said. Currently, the firm has over 25 projects for development in different cities with a saleable area of 40 million sq ft, he said.
The company is expanding its footprint beyond North India and is gearing up for a major forays in cities like Bhubaneshwar and Hyderabad.
“We will invest around Rs 10,000 crore to develop existing land banks in the next 3-4 years. Construction work on 10 million sq ft has already started,” Beriwala said.
On funding of the expansions, he said it would be a mix of debt, advance sales from customers and internal accruals. Besides, the company could consider partnering foreign investors at project level.
Asked if Vipul would look for further foreign investment in the firm, as was done by US-based Wachovia Corporation, Beriwala ruled out any FDI at entity level.
Wachovia Corp, one of the largest diversified financial institutions in the US, had earlier this year picked up 14.95% stake in Vipul for Rs 234 crore.
Wachovia had invested through its company WDC Ventures Ltd. Vipul’s existing projects are located in cities like Amritsar, Bhubaneshwar, Faridabad, Gurgaon, Hyderabad, Kolkata, Ludhiana, Mohali and Nagpur.
The company has bagged an IT/ITeS SEZ project, spread over 54 acre with a saleable area of 5 million sq ft, from Maharashtra government.
The construction for the Rs 1,000 crore SEZ project is expected to commence in December-January.
Of its total land bank, Vipul has 25-30% of area each in Gurgaon and Hyderabad.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}