Popular Estate Management today said it has signed an agreement with the Gujarat government for executing four housing projects worth Rs 8,028 crore in Ahmedabad.
The company has signed a memorandum of understanding (MoU) with Ahmedabad Urban Development Authority, an agency of government of Gujarat for the establishment of four proposed housing projects in Ahmedabad, Popular Estate Management said in a filing to the Bombay Stock Exchange.
Further, the company intends to commence work on the proposed project by 2009 and expects to complete it by 2012, it added.
The state government would facilitate some incentives under various schemes in this regard, the company added.
Popular Estate Management was previously known as Pioneer Technoparks.
Shares of Popular Estate closed at Rs 31.32, up 20 per cent on the BSE today.