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Vigneswara to develop industrial township in Goa

August 19, 2010


Delhi NCR-based Vigneswara Developers will be launching a 150-acre industrial township in Goa next year. Sunil Dahiya, managing director, Vigneswara Developers told Property Pulse that the township will have a total development area of 8 million square feet and will be developed at a cost of Rs 2,500 crore.

“The first phase of the mega project will cater to hi-tech engineering and service industry, targeting development of 5 million sq ft area, while the second phase will witness residential, commercial and recreational development,” told Dahiya.

Vigneswara plans to raise funds through private equity and debt. “We propose to raise Rs 200 crore from private equity and another Rs 750 crore as debt. We are looking at debt-equity ratio of 2:1, with Rs 150 crore as our equity through land. The first phase of the project will cost around Rs 1,100 crore,” informed Dahiya.

The proposed township will come up in Goa bordering Karnataka. “Being in close proximity to the upcoming largest naval base of Karwar and with Konkan Railway passing through the area, we enjoy a great locational advantage. Moreover, Goa is being developed as big shipbuilding hub that offers good opportunity for the service industry. Some manufacturing companies from Russia and Israel have already shown their interest” told Dhaiya.

According to Dahiya, Vigneswara has already acquired land for the project and signed an MoU with GSIDC. And with all the permissions in place, the project is set for launch by in the middle of next year.