Zoom Developers to enter Punjab housing

Zoom Developers Private Ltd is looking to invest Rs 480 crore in various projects in Punjab.

Its first project will come up in Bhatinda with an investment of Rs 200 crore. The company has got final approvals from the local authorities in Bhatinda.

Rumneek Bawa, the company's president and chief executive officer, said it purchased 12.5 acres in the municipal limit of Bhatinda near National Fertilisers Ltd's housing complex to build 400 condominiums and a commercial complex. He added that the commercial complex would have a shopping mall, hotel and a multiplex.

"Since the project is within the municipal limits of Bhatinda we did not seek any concessions under the mega-project category from the Punjab government," he said.

The condominiums will offer five categories to suit different incomes having and will have a covered area of 1,500 square feet to 2,200 square feet.

Bawa said the construction would start in September after the monsoon and would be completed in about 18 months.

Although Punjab's real estate market is sluggish these days, Bawa expects good returns from this project because the upcoming Bhatinda refinery and power project will create demand.

"Our team did extensive research to identify the first location in Punjab and Bhatinda was the most lucrative one," said Bawa.

With this project the company would diversify into the housing projects in India.

Zoom Developers had no plans to go public in the near future, said Bawa.

The company was awarded the 210 double bedroom railways budget hotel project in Chandigarh covering 3,500 square meters at a cost of about Rs 55 crore.