Sanand, now made famous as the home to the world's cheapest car-Tata Nano, will soon have vacation homes for the busy city dweller who wants to get away from the madding crowd. Credo Real Estate Private Ltd, has begun construction of 'Credo Silver Birches', a Rs 60 crore project to build 300 small villas at Sanand near Ahmedabad.
"We already have the land in possession at Sanand and have started work on the project that is estimated to be completed within the next two years", said Kamini Patel, director Credo Securities pvt ltd. She added that the company has 3 lakh square yard of land in Sanand and is building small two and three bedroom-hall-kitchen villas that will be priced between Rs20-50 lakh.
Credo Real Estate, the realty wing of Credo Group of companies, has plans to come up with at least two to three commercial projects in Ahmedabad within the next two years time.
Meanwhile, Credo Ventures Ltd, the holding company for Credo Industries Private Ltd, the mining outfit of the Rs 25 crore Group, is all set to file a draft red herring prospectus(DRHP) to the Securities and Exchange Board of India to come up with an initial public offering(IPO) within the end of this month.
"We plan to offload around 20 per cent to raise around Rs 50 crore from the market for our upcoming mining and infrastructure projects", said Rakesh Shah, chairman, Credo Group of Companies.
The group has five companies with interests equities, commodities and currency trading, real estate, infrastructure and mining. The group companies are Credo Securities Pvt. Ltd., Credo Commodities Pvt. Ltd, Credo Real Estate Pvt Ltd, Credo Ventures Limited, and Credo Industries Pvt. Ltd.
