New Delhi: Global investment fund IREO today
said it would invest Rs 10,000 crore to develop an integrated
township with about 20,000 flats in Gurgaon over the next
seven to eight years.
IREO, which is also a fully-integrated real estate
development company, is planning to launch 10 million sq ft of
projects over the 12 months in the northern region of the
country.
"The township, Ireo City, will be developed with a very
upmarket design, defining a lifestyle with quality. We have
earmarked a capital outlay of Rs 10,000 crore to execute the
project in the next 7-8 years," IREO Director Varun Khanna
told.
The company is planning to construct about 20,000
residential units within the township, which would also
comprise hotels, educational institutes, medical facilities
and commercial spaces, he added.
Asked about the source of funding for Ireo City, Khanna
said: "A portion of the money will come from our private
equity fund. We are a zero-debt company, so we have multiple
options to access."
To start with, the company today launched a residential
complex -- Grand Arch -- inside the township. The complex
would house 842 apartments and penthouses and is expected to
be ready by 2012.
Bureau Report
First Published: Friday, September 25, 2009, 19:10