Atlanta bags Rs 520 cr real estate projects

Mumbai-based infrastructure development company, Atlanta, has secured two orders worth Rs 520 crore for constructing commercial complex and township in Hyderabad and Mumbai.

The company has bagged an order to build a township in Hyderabad at an investment of Rs 500 crore. It will float a special purpose vehicle (SPV) in which it have a 75 per cent stake.

The township will have commercial space for industrial ancillary units and for residential purposes. The project will materialise within 10-12 months.

In Mumbai, the company has entered into a joint venture with the city-based Thakural builders for constructing a 60,000-sft commercial complex at Malad.

The total cost of the project will be Rs 20 crore. Of this, the land cost would be Rs 7 crore. The construction will begin in January next year and is expected to be completed in 18 months.

Rajhoo Bharot, managing director, Atlanta, said," The commercial complex will serve the purpose of meeting the demands of making commercial feasibility in the area".

The company has also evinced interest in building underground car parkings at Hutatma Chowk, Regal Cinema and Crawford market for facilitating 2,000 parkings initiated by the BrihanMumbai Municipal Corporation (BMC).

The tender, which is expected to be floated in the first week of December, is the first in line of the total 50 tenders to be announced by the BMC by 2008.

The earnings, however, will not be shared with the government for a period of 30 years with a possibility of a price revision every three years based on the floor space index (FSI).