Buoyed by the success of Lavasa project, HCC Real Estate today said it will develop a mini township on 500 acres of land at Nashik in Maharashtra, with an investment of around Rs 800 crore.
“Our land acquisition is almost half-way through and the work on the project is likely to start in the next 12-15 months from now,” HCC Real Estate President Rajgopal Nogja told PTI here.
Nogja said that the company would initially invest around Rs 100-120 crore to create the necessary infrastructure for the project and then raise funds from financial institutions as the total investment in the project could go up between Rs 600 crore and Rs 800 crore.
“We will build around 1,000 apartments in Nashik, which will also have commercial spaces to cater to the needs of the inhabitants,” he said.
The company is buying the land from the open market for the township.
Nogja said that the company has plans to develop two additional mixed-use mini-township on 200 acres each at Pune and Thane in Maharashtra, for which land acquisition has been started.
“The Pune project will have substantial portion reserved for commercial use, while majority area in the Thane township will be reserved for residential projects,” Nogja said, adding, that the master plans for these townships were not yet ready.
HCC Real Estate has a 65 per cent stake in the Lavasa project, which is being built on an area of 12,500 acres. HCC Real Estate is a 100 per cent subsidiary of HCC.
HCC has also signed an agreement with the Gujarat Government early this year to develop a Water Front City with a total investment of Rs 40,000 crore.
The Water Front city, to be based on Lavasa, will be developed over 4,000 acres in Dholera Special Investment Region located at the Gulf of Cambay about 129 kilometers from Ahmedabad, he said.