Global Entropolis launches Rs 900cr project in Vizag

Bangalore-based Global Entropolis Asia Private Limited (GEAPL) has announced a Rs 900-crore self-contained township project near Madhurwada in Visakhapatnam.

The company has roped in Jurong India, a wholly-owned subsidiary of Singapore-based Jurong International, for designing and developing the project.

"We are awaiting environmental clearances in a couple of weeks, and would commence work on the project by August 2007. We expect the project to be completed within three years," Rao Munukutla, chief executive officer of Jurong Infrastructure (India), told mediapersons.

The project is being developed on the beachfront of Vizag in a public-private partnership with the Visakhapatnam Urban Development Authority (Vuda). It boasts of villas, condominiums, an IT park, mall, club, school and other commercial spaces.

Around 360 villas and 3,400 apartments would come up in the township. While the villas come with a price tag of between Rs 1.75 crore and Rs 2.25 crore each, the apartments are priced at Rs 2,200 per sft.

According to Munukutla, Vuda has provided Global Entropolis 80 acres of land for the project, for which the latter would pay a guaranteed amount of Rs 240 crore to the urban development authority.

"Around 80 per cent of the project cost would be raised through debt and the rest through equity. We are currently in talks with a few financial institutions, apart from private equity firms to fund the construction of a five-star hotel, IT park, shopping mall and an invitation club. We, however, have the working capital to start the project," he said, adding that Jurong had the option of acquiring a holding in the project, which the company was seriously looking at.

Jurong is also working with Global Entropolis on around Rs 300 crore worth of projects in Hyderabad, Bangalore and Chennai, he said.