Sort by :
Filter by :
Originally Posted by sahil1987By Sanjay Dutt, CEO-Business, Jones Lang LaSalle India
The demand fundamentals of the India story are now focused around all cities that have sufficient economic activity, be it industrial, service sector-driven or incentive-driven programs by the State Government. In Gujarat, which has seen considerable industrial progress, the key cities of Ahmedabad, Surat and Vadodara come readily to mind. Baddi in Himachal Pradesh and Pantnagar and Rudrapur in Uttaranchal attracted a lot of residential developers that met with success, thanks to proactive Government policies.
In the South, Coimbatore, Vizag and Kochi emerged, either thanks to a large investor segment or as the outcome of sufficient economic activity. Towards the West, Pune, Nasik and Nagpur are noteworthy in this context. In all cases, developers positioned their development close to industrial hubs, targeting a totally different price segment and making the most of it.
The Long-Term View
When it comes to long-term property investment, there is definitely no reason to look only at the metros. India has the highest rate urbanization among the BRIC nations. 854 million people will live in Indian cities by 2050 - that is more or less the combined population of present-day USA, Brazil, Russia, Japan and Germany. In the coming decade, India will add 95 million people to its already dense urban fabric, nearly one-fourth of its current urban population.
India needs more cities, and the ones which are growing now will grow exponentially in times to come. Among the ones that bear watching by long-term property investors are Ahmedabad, Surat, Rudrapur, Vadodara, Kochi, Coimbatore, Tiruvananthapuram, Jaipur, Jodhpur, Vishakapatnam, Vijaywada, Chandigarh and Ludhiana.
What Went Wrong
That said, every developer was inspired to create a national footprint six to seven years ago. While this was a worthy ambition, it was poorly conceived as a plan since many of them did not factor in State Government-level regulatory challenges such as local municipal laws. They also did not consider that they may not have had the requisite financial resources, organizational depth and knowledge of the local markets to manage and execute projects in Tier II and Tier III cities. Nor had they accurately gauged the demand fundamentals of these locations.
Such developers proceeded to enter into land acquisition on their own equity and were caught short-footed, not realizing that the property cycles were then at their peak, and that there was bound to be a correction - if not a fall.
The Dawn Of Reason
Major players are now going to re-align their positions vis-a-vis unexplored territories. There is now a very clear realization that it is extremely difficult to become a genuine Pan India player in every geography and real estate segment. Moreover, developers today have woken up to the fact that there is only limited capital available to real estate players today - capital that is earmarked for residential projects, construction funding against achieved leases and signed contracts, or for cities displaying sufficient demand even in subdued market conditions.
In the current context, it makes sense for developers to re-strategize and focus on their core geographies. For example, if a certain developer is extremely accomplished as a residential player in the South, having high credibility and sufficient brand recall in this region, such a company would ask itself how wise it is to experiment in the North or the West, and whether it would not make more sense to expand in the South.
Likewise, developers accomplished in IT projects would now concentrate on geographies that feature a healthy IT component, and avoid branching out into cities that lack a sufficient volume of such activity. Such developers would see the virtue of focusing on IT-centric cities such as Bangalore, Hyderabad, Chennai, Mumbai, Gurgaon and Pune, and re-think on plans to invest in cities that lack Information Technology activity.
The Edge Of The Local Developer
Tier II and Tier III cities still represent a great story, especially in terms of affordable housing for industrial work-forces. However, this story may no longer be suitable for some of the larger developers. These are locations where the strength of regional players will come into play.
There is at least one strong developer in every region. These brands have demonstrated that they understand their geographies better than any players who arrive from the outside to experiment on the Tier II / Tier III story.
The success of these local developers will inspire larger developers from beyond a region's borders after the fundamentals of that area's demand are captured sufficiently and the markets are sanitized in terms of municipal and financial market stabilization.
In the next one to two years, developers will have realigned their business strategies sufficiently to leverage the potential of Tier II / III cities that have sufficient market drivers or are witnessing considerable investor activity (such as Kochi, Rudrapur, Surat, Mohali and Chandigarh).
Comparing Chandigarh and Rudrapur is not fair...
Chandigarh is well planned city...... I have been both the cities many times..
This article is for creating false speculation....CommentQuote0Flag
secret plans to ''sell off'' Rudrapur Mandi land to builders: BJP
Dehardun | Monday, Dec 3 2012 IST
State BJP today accused the Congress government in the state of "conspiring to sell off for peanuts" the 50 acre prime land of Agriculture Mandi Parishad in Rudrapur to private builders. The land, having market value of Rs 400 crore at present, was given by Pantnagar Agriculture University to the state government two years ago for just Rs one crore for promoting agriculture-related activities. The BJP state spokesman Satish Lakheda said here today that about Rs 7 crore has been spent to develop infrastructure but the work had come to a standstill for last six months and now the state government was "trying to sell off the land to private builders as in the adjoining area a five-star hotel and two private housing complexes had come up, raising its market value manifold.
Mr Lakheda, while referring to media reports regarding alleged connection of state bureaucrats with liquor and property dealer Ponty Chaddha, demanded that the state government must clarify why the development work was stopped at the advanced stage and whether the information that plans were quietly afoot to transfer the project to private hands were correct or not.
The BJP spokesman also demanded that the issue be discussed and clarified during the state grants committee meeting for agriculture department on December 8CommentQuote0Flag
CM mulls over giving tehsil status to Rudrapur
Tribune News Service
Dehradun, December 3
Chief Minister Vijay Bahuguna said the state government would consider giving the status of tehsil to Rudrapur and opening of a registrar office there besides upgrading the civic body of Nanakmatta to the nagar panchayat level. He also said he would consider conducting a survey to look into the possibility of upgrading Rudrapur to the tehsil level.
Bahuguna, while reviewing the development works of Udham Singh Nagar and Nainital districts at the Pantnagar university auditorium today, further said Nanakmatta would be connected to a tourist circuit. He said examinations would be conducted through the Pantnagar university to fill the vacant post of patwaris. While directing the officials to work in team, Bahuguna also asked them to ensure utilisation of funds allocated for the development projects.
He instructed them to visit remote rural areas, listen to public grievances and provide resolution on the spot. Expecting proper execution of development projects from them, he said substandard works and corruption would not be tolerated and better performance would be awarded.
Bahuguna said approval had been received for setting up of civil courts in Bajpur and Jaspur. A survey would be conducted to provide land to landless people of Kichha and Rudrapur. He said along with the establishment of polytechnic at Khatima, ITIs run by the Social Welfare Department would be brought under the Technical Education Department. He said four master plans would be prepared to check improper sale of lands in Udham Singh Nagar. Surplus sealing land in the Khurpriya farm would be distributed to landless eligible people and remaining land to SIDCUL for Agro-waste purpose, he said.
Commissioner Hemlata Dhaundiyal apprised the Chief Minister of the problems in revenue works owing to the shortage of naib tehsildars and tehsildars. Whereupon, Bahuguna authorised the Commissioner to promote naib tehsildar and said these posts would be filled by the government later on. Taking information about gun license from District Magistrate BK Sant, he asked him to cancel license obtained from the state by people of Punjab with criminal history and to provide license to normal people only after they cancel their licenses obtained from Punjab. The District Magistrate revealed that so far 330 gun licenses had been cancelled in the district.
Also present at the meeting were Revenue Minister Yashpal Arya, Chairman, Mandi Parishad, Shailendra Mohan Singhal, Chief Secretary Alok Kumar Jain, Principal Secretaries Rakesh Sharma, S Ramaswami and Omprakash, DIG Deepak Jyoti Ghildiyal and other senior officialsCommentQuote0Flag
Hill industrial policy attracts investments worth Rs 400 cr in Uttarakhand
Last year the Uttarakhand Government amended the 2008 hill industrial policy extending its benefits beyond 2018 to 2025 and decided to set up 11 new industrial hubs.
The policy which was brought in 2008 for a period of 10 years was made available till 2025. Industries setting up new units would get all the incentives such as transport subsidy, price purchase preferences, till 2025 in case they come into production by 2015.
In the subsequent period, if the industries are set up in 2016, the incentives will be available for only nine years and 2017 for eight years and 2018 for seven years. The policy would end in 2018 only.
There has been year-on-year increases in the number of new micro, small and medium enterprises (MSMEs) set up in Uttarakhand over the last four years show that the hill industrial policy is slowly yielding results in the state.
The policy came into effect in 2008 to encourage the growth of MSMEs. The government claims that between then and June this year, more than 3,000 small (mostly micro) units, entailing an investment of Rs 400 crore and employing an estimated 12,000 people, have been set up.
According to official data, the number of units set up rose from 643 in 2008-09 (the first year of the policy) to 706 in 2009-10, 827 in 2010-11 and 911 in 2011-12. The investments made increased from Rs 58.49 crore in 2008-09 to Rs 115.72 crore in 2009-10, fell steeply to Rs 68.94 crore in 2010-11 (mainly because of torrential rains, landslides and floods in the hills), and rose again to Rs 105.63 crore in 2011-12. Until June-end in the current financial year, investments of Rs 40 crore had been made.
The number of jobs created were 2,225 in 2008-09, 2,797 in 2009-10, 2,738 in 2010-11, and 3,077 in 2011-12.
These units were set up mainly in floriculture, the herbal sector, food processing, hotels, flour mills, packaging, mineral water, handlooms, pharmaceuticals, steel fabrication and auto repair, officials of the department of industry told Business Standard.
“After some initial hiccups, the policy is slowly picking up momentum now,” said S C Nautiyal, Uttarakhand’s additional director, industries.
After facing criticism, the government last year brought in a series of amendments to give an impetus to the hill development policy. However, industrialists are still not satisfied with the government’s current policy. They say there is an urgent need to create a good business environment in the hills.
Several factors — such as the lack of a land bank, expiry of hill-based tax incentives, the bleak power scenario and bureaucratic hurdles — are said to be stumbling blocks to the success of the policy.
And yet, it has been able to attract investments of Rs 400 crore during the past four years. Under the special integrated industrial promotion policy of 2008, the government offers sops such as a rebate of up to 90 per cent on value-added tax (VAT), exemption from stamp duty, heavy transport subsidy and a rebate on power tariffs. The government is also looking for new entrepreneurs to set up ventures in eco-tourism, adventure sports and the service sectors, who can take advantage of the new policy.CommentQuote0Flag
Rudrapur and Rampur: A study in contrast
Swati Mathur | TNN
Rudrapur: Pan shops are conspicuous by their absence in Rudrapur. Their business, locals pan vendors explain, began being elbowed out when the agri-city took the industrial route to growth. With State Infrastructure and Industrial Development Corporation of Uttaranchal (SIDCUL) generating employment for 34,400 at their Pantnagar facility since its inception in 2005, no one, they say, has time to waste eating pan.
Uttar Pradesh’s Bilaspur constituency, a part of district Rampur, is only 16 kms away. But there’s a world of difference on this side of the border. Polling is over a month away, on March 3, and people are discussing elections, already. Caste is the dominant subject. Mohammed Arshad, a trader in Bilaspur, said, “Political parties have a habit of making empty promises to us. We may be a few kilometers away from Rudrapur, but we’ve been beaten hollow on the development front. Now, our votes are cast on the basis of caste. We hope folks from our community will help.’’
A half hour distance away, in Rudrapur, election activity is peaking. Candidates are promising serious development for the city, should they be voted to power. Congress’ sitting MLA and candidate for assembly elections, Tilak Raj Behad, has distributed 5,000 copies of pamphlets with a host of poll promises. A medical college, proper drainage system for the city, deemed university status to the existing Rudrapur University and international airport are the key issues Behad has raised and promised to address, if he returns to power.
Behad’s competitor from the Bharatiya Janata Party, Raj Kumar Thukral is also toeing the development line. Like Behad, he has promised to order the completion of the medical college in Rudrapur. Other issues Thukral has raised include disbursal of land registry to nearly 82% of the city’s population that lives on Nazul land, apart from setting up camps to facilitate disbursal of pensions, ration cards and job cards to people. Bahujan Samaj Party’s Premanand Mahajan is making nearly the same promises to the city’s 1.19 lakh voters.
Clearly, development and progress are the issues that matter. “This city has seen unprecedented growth after it broke away from UP. After SIDCUL came up in 2005, growth has shot up manifold,’’ said Hemant Singh, a SIDCUL official in Rudrapur. Bijli, sadak, paani, issues that seem to plague most of UP, are no longer issues in Uttarakhand’s Rudrapur.CommentQuote1Flag
Paid article, would have had lured few buyers if published in 2008 , now boom has goneCommentQuote0Flag
Govt selling industrial land to builders, alleges BJP
PTI Feb 20, 2013, 04.46PM IST
Vijay Bahuguna|Uttarakhand|real estate|BJP
DEHRADUN: Accusing the state government of selling off precious land meant for industrial purposes to builders, the BJP in Uttarakhand today demanded a high-level probe into such alleged deals.
However, Chief Minister Vijay Bahuguna rubbished the charges terming them as "pack of lies".
Leader of Opposition in the state Assembly Ajay Bhatt asked the government to clarify whether 23.77 acres of land in Pantnagar SIDCUL were not sold to real state company Supertech.
Bhatt also sought an explanation from the government over alleged sale of 23.18 acres of land in Haridwar SIDCUL to Platenet Infra promoter.
"The government must clarify whether it did not sell the land meant for industries in Pantnagar SIDCUL to builders," the BJP leader said in a statement here.
Bhatt alleged that real estate firm Supertech bought 23.77 acres of land in Pantnagar SIDCUL for Rs 55.79 crore at the rate of Rs 5,800 per square meter from the government and then sold it off in connivance with the state government to some private party for Rs 3.7 billion at the rate of Rs 32,000 per square metre.
Claiming that the land was originally meant for building low cost houses for labourers, he asked the state government how could the targeted beneficiaries (labourers) afford the houses available on the land for Rs 37 lakh to Rs 40 lakh.
Bhatt also asked the state government whether it did not allocate 23.18 acres of land in Haridwar SIDCUL to Platenet Infra promoter alleging that the plot was sold off to the firm for Rs 55.31 crore at the rate of Rs 6,600 per square metre which in turn was sold off for Rs 2.62 billion to some other party by Platenet Infra.
Bhatt accused the government of hobnobbing with builders and minting money in this manner to pump into 2014 general elections.
He also alleged that after disposing off precious industrial land in Pantnagar and Haridwar, the government has its eyes set on 5 acres of land at IT park and 4.5 acres of land at Sahasradhara road in Dehradun.CommentQuote0Flag
Golden Infocon to invest Rs 150 cr in Uttarakhand
Sat, 06 Apr 2013 17:31:45 GMT
Dehradun, Apr 5 (PTI) Golden Infocon Pvt Ltd will invest Rs 150 crore in Uttarakhand under the state government''s industrial promotion programme SIDCUL Phase-II, providing indirect employment to 1,000 people.
Principal Secretary (Industrial Development) Rakesh Sharma, who signed the MoU on behalf of the state, said this would give an impetus to SIDCUL and create 1,000 indirect jobs.
An MoU in this regard was signed today between the state government and the company in the presence of Chief Minister Vijay Bahuguna, who said it was part of the state government''s efforts to accelerate the pace of industrial development in the state.
Fifty per cent relaxation on stamp duty and one per cent on central trade tax will be given under this investment project, Sharma said.
Food processing and other industrial units would be set up to create opportunities of employment for local people, said Golden Infocon Director Gaurav Mittal.CommentQuote0Flag
What is the current resale rate for metropolis appts in Rudrapur?CommentQuote0Flag
Glittering shopping malls across India become hostage to gloom as vacancy levels go up
NEW DELHI: Malls were supposed to be the symbols of prosperity in India's 'boomtowns'. Instead they have turned out to be edifices of gloom. Notwithstanding their bright facade, these half-empty buildings in smaller towns reveal the other side of the India story, as vacancy levels rise and consumption remains low.
"The bubble has burst," says economist Bibek Debroy. "There has been excess capacity in smaller towns and not so much demand. These boomtowns haven't seen a huge consumption story yet and salary levels too haven't increased the way they were expected to," he says.
Vacancy levels in malls across the country are growing at an alarming rate, says property consultancy Jones Lang LaSalle. In smaller towns, over a third of the space is unoccupied, as against just 7% in 2007. Supply of retail space has increased dramatically, but demand from retailers and overall consumption have dropped.
"Many developers overestimated the appetite for retail in these small towns. They did not realise that the consumption threshold here was low," says Ashutosh Limaye, head of research at Jones Lang LaSalle.
The slowdown in the economy and lack of disposable income in the hands of the youth of these smaller urban centres have taken their toll. Take the case of Amravati in Maharashtra's Vidarbha area, where every evening the town's youngsters gather around a couple of glitzy malls. But, says Saurabh Keshwani, the owner of Amrawati's J&D Mall: "They just do not spend ...like the folks in big cities." Nearly 40% of the space in his mall lies vacant and he is considering leasing space to offices and banks. "It isn't easy closing leasing deals with retailers these days. The retail boom did not happen the way we expected," he adds.
Some 350 km away, in Aurangabad, the story is no different. The Prozone CSC mall has been in operation for over two years but a fourth of it still lies unoccupied, even though Jaguar Land Rover recently opened a showroom there. "International brands are still being cautious about coming to tier II and III cities," says Monil Gheewala, general manager, business development, at Prozone Enterprises.
According to Rajesh Shukla, founder director of NCAER Centre for Macro Consumer Research, the youth account for 60% of mall consumption.
But youngsters residing in small towns lack the purchasing power of their big-city counterparts. "It's mostly the elders in a family who are the decision makers and they have a propensity to buy unbranded items found in the local markets,'' Shukla says.
Many of these malls in small towns were constructed by builders, who got carried away by the good times of the mid-2000s, but were caught napping when the slowdown hit them in 2008.
When Indore-based Century 21 Mall developed a 500,000 sq ft structure in Bhopal, it was hoping it would be the talk of the town. Now, 40% of the building has no takers.
Ditto for Delhi-based builder Supertech, whose malls in Meerut, Haridwar and Rudrapur have poor occupancy levels. "We are keeping our fingers crossed," says RK Arora, managing director of Supertech.His days are spent convincing big retailers like Kishore Biyani's Big Bazaar about the potential of these new markets. But Biyani would rather opt for standalone stores in the small towns.
"There are not many good malls in these locations and the cost of being present there, including high maintenance, is too high," he says.
Last year, Big Bazaar closed down two stores in Meerut and Ludhiana since they were located in malls that were 10-15 km away from the city and consumers were not ready to travel that distance. Later on, they were relocated to town centres.
Like Biyani, other retailers too are opting for standalone stores in crowded bazaars. "The footfalls do not matter. It makes sense only if the tills keep ringing," adds Harkirat Singh, managing director of leather good maker Woodland, nearly 100 of whose 400 stores across India are located in small towns.
"We still prefer shopping streets over malls in the smaller towns," he says.
According to Shukla of NCAER, the per capita income in small towns is growing, but is not translating into consumption of branded items in the same proportion.
Small towns have limited population, which do not provide economy of scale for retailers, as against large towns. "The return-on-investment (RoI) from a retailer's point of view, hence, has a better yield in a metro city. This is why even foreign direct investments stay in the metros," he says.
The growth of India's gross domestic product (GDP) has dropped to a decade low of around 5% this fiscal year from a peak of 9.6% in 2006-07. The period between 2004-05 and 2009-10 has also been a slow one for job creation. The most recent survey by the Planning Commission shows that India lost 5 million jobs between 2005 and 2010.
The Indian government opened up multi-brand retail to foreign investment late last year amid uproar by the Opposition parties, arguing that the move would bring in investments across the farm-tofork sector, unleash consumer spending and spur demand. However, stringent conditions and a lack of clarity about the policy have ensured that foreign multi-brand retailers like Walmart and Carrefour are yet to announce their India plans.
Real estate developers across the country had hoped that the entry of large format retailers would create demand for retail space and also give a fillip to development of malls in the country.
This apart, in the initial stages, it would help absorb surplus retail space across shopping malls in both big and small towns.
Retail experts say many of the malls in smaller towns were built by developers who did not understand the retail business very well.
"They built without considering the science and art behind making a mall, choosing correct tenants, zoning property, which is why some of them are facing issues," says Saloni Nangia, president at Technopak.CommentQuote0Flag
- Project Review
Anyone bought Studio Apartment in River Crest by Supertech in Rudrapur...CommentQuote0Flag
Special industrial incentive for Himachal, Uttarakhand
NEW DELHI: The Cabinet Committee on Economic Affairs on Wednesday gave its approval for extension of the special package of industrial incentive for Himachal Pradesh and Uttarakhand till March 2017.
All new industrial units and existing units on substantial expansion would be eligible for central capital units at the rate of 15 percent of their investment in plant and machinery from Jan 7, 2013 to March 31, 2017, an official release said.
It said subsidy would be available to all new and existing units on substantial expansion located in notified areas as well as to "thrust industries" for units located anywhere in these states.
Only those units that pre-register under the scheme, commence commercial production and operation before March 2017 and file claims within one year of the commencement of commercial production would be eligible for subsidy under the scheme, it said.
Incentive on substantial expansion will be given to units affecting an increase by not less than 25 percent in the value of fixed capital investment in plant and machinery for the purpose of expansion of capacity.
However, expenditure on purchase, procurement, installation of second-hand plant and machinery will not be eligible for subsidy under the Central Capital Investment Subsidy Scheme. A single unit cannot avail subsidy both from the central and the state governments for the same purpose.
Commerce and Industry Minister Anand Sharma said the extension of the special package would give a fillip to manufacturing and the small and medium enterprises in both the states.
The new industrial policy and other concessions for Himachal Pradesh and Uttarakhand were announced Jan 7, 2003 for a period of 10 years, keeping in view the fact these states lag in industrial development.
Himachal Pradesh has been able to attract 300 percent more investment as compared to the pre-incentive package level.
On an average, total investment generated in Himachal Pradesh is above Rs 12,500 crore and number of units set up has grown 28 percent while growth in employment generation is more than 33 percent, said the PIB statement.
In Uttarakhand, investment generated is close to Rs 30,000 crore, 42 times the 2000 level. The number of units set up has grown more than 130 percent while growth in employment generation is more than 490 percent for the same period.CommentQuote0Flag
Tata Motors to shift production from Lucknow plant to Rudrapur
The decision was taken after dithering by UP government in conceding to Tata Motors' demand of incentives promised under the state industrial policy 2006
Virendra Singh Rawat | Lucknow January 27, 2014 Last Updated at 17:15 IST
India’s top automotive Tata Motors is shifting a portion of its commercial vehicle production from Lucknow plant to Rudrapur, Uttarakhand to cut costs.
The decision has taken final shape after dithering by the Uttar Pradesh government in conceding to Tata Motors’ demand of incentives promised under the state industrial policy 2006, announced during the then Mulayam Singh Yadav regime.
The policy was scrapped by the successive Mayawati regime in 2007. However, the incumbent Samajwadi Party regime has also failed to honour commitments made during its earlier dispensation.
According to sources, Tata Motors would first shift production of its truck model 3118 to the Uttarakhant plant. Later, the production of another truck model 2518 is likely to be shifted to the hill state to avail of incentives.
The two truck models are one of the best selling products from the Tata Motors stable.
Since the company has a plant in Uttarakhand already and it enjoys tax exemptions from the government, it has made up its mind to shift majority production there. MSME association, IIA said the company has started working on the plan and would commence its full fledged production in Uttarakhand from April onwards.
The shifting of operations to Tata Motors would affect 40 odd local ancillary units, who are also its vendors with collective annual turnover of almost Rs 500 crore.
“If Tata Motors operations shift to Uttarakhand, the state exchequer would take hit of about Rs 500 crore annually in taxes and duties,” Punit Arora, a Tata Motors vendor said.
Arora is also the senior vice chairman of Indian Industries Association (IIA), Lucknow chapter.
Interestingly, the vendors and IIA had written to chief minister Akhilesh Yadav in this regard and met state infrastructure and industrial development commissioner Alok Ranjan, but to no avail.
Tata Motors has invested close to Rs 1,100 crore on plant while the MSME vendors have made about Rs 250 crore investments. If the production shifts to rudrapur, vendors would annually lose revenue worth Rs 500 crore. This action will prove to be a major blow to the efforts of state government to boost industrialisation in UP, as it would discourage companies in future to invest in the state.
Tata Motors manufactures about three dozen model of commercial vehicles, including trucks and buses at its Chinhat plant here. It has demanded 20% t capital investment subsidy and sales tax deferment scheme as announced in the earlier policy.CommentQuote0Flag
Supertech to raise Rs 1,000 cr through PE this year for the development of Supertech University near Rudrapur in Udham Singh Nagar district.
- Builder Review
Press Trust of India | New Delhi January 26, 2014 Last Updated at 11:38 IST
Realty firm Supertech plans to raise Rs 1,000 crore this year through private equity to fund ongoing projects and is in discussions with a few firms.
In 2013, Supertech had raised Rs 280 crore from PE firm Xander for its upcoming township project in Gurgaon. Before that, it had raised Rs 100 crore from Walton Street Capital for mixed-use project 'Supernova' at Noida.
"We are planning to raise Rs 1,000 crore through private equity this year. We are in discussions with few private equity firms," Supertech Director Mohit Arora told PTI.
It is in talks with Xander as well to raise additional funds, he said, adding that "the funds would be utilised for our ongoing projects".
The Noida-based firm is developing projects spread over 90 million sq ft and are worth Rs 18,000 crore. The company is in expansion mode.
Supertech recently launched a new housing project in Noida with an investment of Rs 1,350 crore over the next three years.
The company would construct 1,800 flats in the project, which is spread over 17.5 acres.
It also announced foray into the education sector by deciding to set up an University in Uttarakhand with an investment of Rs 750 crore.
Supertech University, to be set up on 47 acres near Rudrapur in Udham Singh Nagar district, will start functioning from December this year. The regular courses will start from mid-2015 session
The company has presence in Noida, Greater Noida, Gurgaon, Ghaziabad, Meerut, Moradabad, Haridwar, Rudrapur and Bengaluru.CommentQuote0Flag
Air India to start direct flight from Delhi to Pantnagar
- Locality Review
PTI Oct 8, 2014, 06.13PM IST
NEW DELHI: In a move to expand air connectivity to smaller cities and towns, Air India will start a direct flight from Delhi to Pantnagar in Uttarakhand next week.
The services, starting this month, will operate four times a week on Tuesday, Wednesday, Friday and Sunday, with an ATR aircraft, a statement by the Ministry of Civil Aviation said.On October 14, Flight 9I 815 from Delhi (DEL) will depart at 2.30 PM and reach Pantnagar (PGH) at 3.30 PM. The return flight 9I 816 will leave Pantnagar at 3.50 PM to arrive Delhi at 4.50 PM.
Pantnagar is well known for the G B Pant University of Agriculture and Technology, the country's first Agriculture University. It is also close to the integrated industrial town Rudrapur, which has large industrial houses, and also to the High Court of Uttarakhand.
The city is also a gateway point to the famous Jim Corbett Wildlife National Park and picturesque tourist destinations like Nainitial, Ranikhet and Bheemtal.
The flight is expected to provide quick and convenient connection to government officials, business travellers, students and tourists, among others.CommentQuote0Flag