Vigneshwara to invest Rs 1,600 cr in Gurgaon

Written by Preeti Parashar | Chandigarh | Updated: Oct 2 2010, 06:25am hrs
Infrastructure and realty major Vigneshwara Developers is planning to invest around Rs 1,600 crore into various projects in Gurgaon by 2013.

The company that has joined hands with Commonwealth Games 2010, Delhi as official real estate licensee, has projects worth Rs 450 crore under construction as on date. Talking to FE Vigneshwaras managing director Sunil Dahiya said three projects are being undertaken by the company in Gurgaon region that include a business park, technology park and a commercial hub.

The business park is being developed over 30 acre meant for giving space to multinationals and big companies. It will have 600 service apartments and the first phase of delivery is likely to begin by December 2011, said Dahiya.

The upcoming commercial district will be spread over 11 acre and have office space, retail and recreational facilities. The technology park too will come up over 11 acre based on the idea of work, live, shop and play.

Dahiya said the company plans to explore the northern market for future projects. He said, We are scouting for space in Punjab, Haryana and Chandigarh. We plan to develop an integrated township over 300 acre with a proposed investment of Rs 1,000 crore. We are in talks with the state governments as well as land owners and the deal may be closed soon.

Besides the ongoing projects, the company aims to bring up industrial townships at Goa (over 150 acre) and Rohtak (over 500 acre). Another project in the pipeline is a 400-acre technology city on Sohna-Alwar road, 35 kms from Gurgaon.

As the official real estate licensee Vigneshwara has the right to develop townships based on sports theme all across India as well as in partnership with the 72 participating countries in the Commonwealth Games. Vigneshwara Developers closed the last fiscal with a turnover of Rs 250 crore with revenue of Rs 350 crore. The company has an inventory base of Rs 2,000 crore lying with it and aims to achieve this turnover by 2013.