Realty firm TDI today said it will invest over Rs 500 crore to develop a residential project at Kundli in Haryana over the next three years and is planning to raise funds through public issue.
The 53-acre housing project 'Tuscan City' would comprise 800 independent floors in two phases. It will be a part of 1,600-acre integrated township being developed by the company.
"Land has already been acquired... We will put in over Rs 500 crore in construction of the flats," TDI Managing Director Kamal Taneja told reporters here.
The company expects to realise Rs 1,200 crore over the next three years from this project, he added. These flats would be offered at a starting price of Rs 21.5 lakh.
The investment would be funded through internal accruals as well as debt, Taneja said.
On company's plan to tap the capital market, Taneja said, "We are contemplating for an IPO, but at first we will see how the upcoming public offers of the real estate firms do, and only after that we will decide".
In the last few month of 2009, about 10 realty firms announced their plans to launch initial public offer (IPO) to raise over Rs 12,000 crore together.
Some of the major players include Sahara Prime City, Emaar MGF, BPTP and Ambience. In Kundli township, TDI has so far sold 4,000 units in several group housing projects and 6,500 plots.
Taneja said the company has a land bank of 2,600 acres in different cities of North India.
