HCC Real Estate's Acreage Expansion
HCC Real Estate Ltd (HCCREL), the property arm of Hindustan Construction Company (HCC), is striking major land acquisition deals. The company is acquiring nearly 1,550 acres across India to develop extensive townships.
Thousand Crore Investment Grand Plan
An aggressive investment of one thousand crore rupees is planned for the initial phase of the project. This will be fueled by HCCREL's upcoming public offering, according to Rajgopal Nogja, HCCREL's president.
Land Sizing Up
Nogja reveals, "Plans are underway to acquire significant land parcels: thousand acres in Nashik, 300 acres in Thane, Mumbai, and approximately 250 acres in Pune. We are also eyeing markets like Panvel, Kolhapur, and Nagpur for further acquisitions."
Slum Rehabilitation Effort
HCC Real Estate is plotting an eighty-acre slum rehabilitation project in Vikhroli East, Mumbai.
Construction of IT Park
Currently, the company is developing a two-million-square-feet IT park in Vikhroli. Nogja exclaims, "The park aims for gold LEED certification, and will be ready in 2009. Almost 30% is leased to Future Group's Pantaloon and Orange, and we anticipate great returns upon project completion."
Education Partnerships
Meanwhile, Oxford University, Girls Day School Trust of UK, and Christ College, Bangalore, will establish campuses in Lavasa, developed by HCCREL in Lonavla, Maharashtra. Phase I infrastructure is nearing completion, and villa and apartment construction is underway. HCCREL surpassed a pre-sales target for Lavasa in 2007-'08, reaching Rs 494 crore.
Second Hill Station Project in Gujarat
HCC Real Estate is considering a second Lavasa-styled hill station in Gujarat, reveals Nogja.