Lakshmi Vatika to invest Rs 2,500 cr in expansion

Company to come up with resorts, farmhouses in Shimla and Kufri

The company is coming up with resorts and farmhouses in the tourist destinations of Shimla and Kufri. Also, seeing the real estate boom in Punjab and Haryana, mega projects in Mohali and Sonepat will start.

In the hospitality sector, Lakshmi Vatika Ltd is planning to set up 20 resorts having 4-5 star facilities, at most attractive sites in India and South-East Asia.

The first project of 60 apartments will come in Kufri with an investment of Rs 16 crore. With work to start in the first week of June and completed in two years, the one-bedroom house would cost Rs 32 lakh and the studio room would be for Rs 25 lakh.

Another site 35 km of Solan, near Yashwantnagar, spread over 90 acres will have 80 farm houses (one acre each).

The investment of the project will be Rs 27 crore. Also, one km from the Kufri skiing point, 54 cottages spread over 18 bighas will come with an investment of Rs 9 crore. The resorts and farmhouses will offer executive-serviced villas; night selling; time-sharing.

"We are looking at the NRI segment, local residents and people from across India who desire to have summer house up north," said H.K.Bhatt, company spokesperson, Lakshmi Vatika Ltd.

With a number of its township, commercial complex and housing division, Lakshmi Vatika Ltd other mega projects would be coming in Mohali, Jaipur, Patna, Khurja, Indore and Sonepat including plots carved out for houses, commercial multiplex centres and schools.

In Mohali, Punjab the company has proposed a RS 700 crore project spread over 200 acres for which land acquisition has been done.

The project would include group housing and plots of 200 sq yards, 300 sq yard and 400 sq yard. Per sq yard the land would be sold at RS 11,000 plus charges.

With immediate mega projects to the tune of Rs 3000 crore already under implementation, the company is going to fund the project through promoters, which it is not ready to divulge.

The company had an annual turnover of Rs 37 crore and targets Rs 1,000 crore by 2010.

The firm has signed up cricketer Yuvraj Singh as its brand ambassador.