Nahar to invest Rs 1200 cr in real estate

Punjab-based company Nahar Industrial Enterprises Ltd (NIEL) is set to invest Rs 1,200 crore in the real estate business in the state to construct residential complexes and an IT Park on 100 acres.

"The sites for the project have already been identified and the blueprint is being finalised with some of the famous architects of the country," Kamal Oswal, vice-chairman and managing director of the company, said, adding that the projects would be in shape in two to three years.

"We have decided to invest around Rs 1,200 crore for developing residential houses and an IT park here," he added, which will be completed with in 2-3 years," he said.

"We hired a Delhi based property consultant, for preparing a blue print for the project to submitted by the end of this month" Oswal said adding that after receiving the report from our consultant, we will decide to go alone or to involve any partner in this project.

Regarding the sites of the proposed real estate projects, he revealed that the company has surplus land at three locations, including 100 acres at Mundian Kalan, 40 acres at Focal Point (Ludhiana) and 30 acres at Raikot in Ludhiana.

The kind development took place around the sites, has made it more conducive to develop it as luxurious residential complex and IT park, he said.

Apart from the real estate projects, Oswal revealed that the company is also in the process of investing a sum of Rs 814 crore on textile front, expanding its spinning and weaving capacities and setting up a power plant, which is expected to be completed by the next financial year.

"The company will be spending Rs 315 crore on Yarn segment, Rs 332 crore on fabric segment and Rs 617 crore on power generation" he said while revealing the expansion plan of the group.