Zoom Developers to invest Rs 600 cr in Punjab

Zoom Developers Private Ltd, a construction outfit with interests in real estate and infrastructure, plans to invest about Rs 600 crore in different projects in Punjab.

The president and chief executive officer of Zoom Developers, Rumneek Bawa, said the company was coming up with a high-end housing complex in Patiala in 10.5 acres. The project will have 100-plus expandable villas with an area of 225 yards each.

Bawa was sanguine over the response he got from non-resident Indians even before the formal launch of the project. "We will start the project in December and try to deliver it in 18 months' time."

The company will invest about Rs 125 crore in the project.

Zoom Developers is also putting up about 600 dwelling units in Bhatinda under an integrated township project.

"Only a few clearances from the local authorities are awaited. We will execute the project at the earliest," he said.

Bawa said that the Bhatinda project was significant due to the Guru Gobind Singh Refinery-cum-petro chemical unit that was coming up there.

He added that this refinery project would immensely contribute to the economic development of the region and the real-estate sector would undoubtedly benefit from it.

The company is also mulling over a five-star hotel-cum-service apartment project in Amritsar. The company has also evinced interest in captive power generation and has received good response from the Chhattisgarh government.

"As we will have three major projects in Punjab, it will be viable to put up a captive power unit here as the captive power generation reduces the running cost of the projects," Bawa said.

Zoom Developers is also constructing a budget hotel for Indian Railways near Chandigarh railway station, the execution of which is likely to start shortly.