"We have already acquired over 100 acres of land in Pune, 180 acres in Nagpur and 108 acres in Nashik for developing three integrated residential townships for around $100 million. We will now invest between $100-125 million for the development of infrastructure in these three," company Managing Director Rustom Bharucha said here.
Bharucha said work on the Pune project will start August this year followed by the Nashik project and the Nagpur project in the first quarter and second quarter of the next financial year respectively.
"We have received investment from a couple of private equity players for land acquisition. We have also initiated talks to raise funds for spending on infrastructure development," he said declining to reveal the total investment in these projects.
PRA Realty will be targeting middle-income group and primarily tier-III cities will be the focus areas of the company in the coming days.
"We plan to develop townships in Goa, Chennai and one either in Kochi or Mysore in future. We are negotiating for land in these cities," Bharucha said.
Promoted by Bharucha, an MBA from Australia's Deakin University, and his friend based in the US, PRA Realty started its Indian operations in 2005.
The company is in the process of setting up an office in Dubai to market its projects.
