INDIA BUSINESS WORLD - JANUARY 16th - JANUARY 31st
- 2008
IL&FS ARM INVESTING RS 300 CRORE FOR A 50% STAKE IN UPPAL TOWNSHIP
IL&FS-controlled real estate firm QVC Realty is investing Rs 300 crore for a 50% stake in an integrated township project being developed by Delhi-based realty developer Uppal group. The joint venture between Uppal Housing and Bangalore-based QVC, called Uppal QVC Realty, will develop the 150-acre project in sector 99 of Gurgaon, near Delhi. "We have already acquired 120 acres for the project. We have also applied to the government for licences to develop the township, which may come in the next three months," Uppal group managing director Manish Uppal said. The current investment covers only the land cost at Rs 4 crore per acre. The development cost is likely to be worked out by the two partners later.
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