The capital-based real estate firm Aeren R Enterprises plans to pump in over Rs 6,350 crore in developing two projects in North India despite the hardships that realty players are facing due to high interest rates.
The company plans to develop two premium residential complexes in Ludhiana, of which one would come up on a 12-acre land. The other township, to be spread over 175 acres, would also have a nine-hole golf course.
It has already acquired the land for both the projects.
"We have acquired 175 acres land for the township - International City - in Ludhiana. It will be developed by 2012 and the construction cost is estimated at over Rs 6,000 crore," Aeren R Enterprises President (Corporate Affairs) and CEO Prabhu Dutt said.
He said investment on the other project would be about Rs 350 crore.
The company is currently awaiting regulatory approvals for 'International City' and the construction is expected to start within nine months, he added.
On any possible tie up in developing the project, Dutt said, "We are open to private equity participation and currently talking to some international players. It is likely to be finalised in the next four month."
The other township, Queen's Court, spread over 12 acres in the same city has already received the necessary approvals and it is expected to be ready by 2010.
"In Queen's Court, we will infuse about Rs 350 crore. It will house atleast 650 high-end residential units," Dutt said.
Besides these two projects, the company is planning to develop a number of other projects across the northern states.
