To build two million sq ft of retail space around Delhi
NEW DELHI: Pioneer Urban Land and Infrastructure, the Gurgaon-based residential heavy realtor, will invest Rs 600 crore for its commercial plan in the next three years, its top official said.
The National Capital Region (NCR) centric realtor plans to build two million sq ft of retail space in the NCR area, which will include one luxury hotel, a mall and corporate parks.
“In terms of construction, we plan to put Rs 600 crore, and we have acquired the land in Gurgaon,” Manish Periwal, managing director at Pioneer Urban told DNA Money.
The Delhi and Jaipur-listed company plans to invest additional Rs 1,200 crore for its residential projects in the NCR region with expected rentals of around Rs 7,000 per sq ft.
“The phase 1 of the residential project would be completed in three years and the whole project would be over in 5-6 years,” Periwal said.
He said they plan to open four hotels in the next three years, with the first hotel operating 200 rooms. The company has already finalised a foreign hotel partner for the project.
The company plans to fund the projects by internal accruals and debt, and is not looking at any private equity investments.
Meantime, Pioneer Urban posted revenue of Rs 160 crore and is expecting topline of Rs 250 crore by next fiscal.
vivek_s@dnaindia.net
