Delhi firm to launch complex in Hyderabad, IT park in Chennai

Delhi-based Uppal Housing Private Ltd will launch a mixed-use development (including commercial-cum-residential complexes) site in Hyderabad and an IT park in Chennai this month.

These projects would attract an investment of about Rs 3,400 crore. The group is also planning to hit the capital market in October.

Also, the group is looking at national and international hotel chains for putting up a 5-star hotel in Chandigarh. It won the bid for a hotel site in Chandigarh for Rs 101.37 crore.

Speaking to Business Standard, Managing Director Manish Uppal said, "The proposed five-star hotel in Chandigarh would be spread over 2.63 acres and we are planning to invest around Rs 275 crore in putting up the hotel. We are looking at national and international hotel chains for tie-ups for putting up the hotel and most probably within a fortnight we would finalise the name."

The project is expected to be completed within two years. Apart from a five-star hotel, the company is coming up with a mall called Centra Mall, with a total project cost of Rs 100 crore in Chandigarh, which is expected to be operational by June.

Also the group is coming up with luxury apartments called Uppal's Marble Arch, in Chandigarh. The company would invest around Rs 250 crore in the project.

Commenting on the region, he said, "Apart from Chandigarh, we are looking at Amritsar," says Uppal.

On the Hyderabad and Chennai plans, he added, "We are planning to infuse Rs 2,600 crore for developing mixed-use development sites in Hyderabad. The site, spread over 100 acres of land, would have residential and commercial complexes. Also, very soon we are going to announce an IT Park at Chennai, which would be spread over an area of 15 acres and is likely to attract an investment of Rs 800 crore."

As far the funding part is concerned, it would be raised through debt and some projects would also be funded through foreign investment.

When asked if the company has any plans to go public, he said, "We are planning to hit the capital market in October, but as far as the issue size is concerned it is premature to say anything." Also, the group has got a gazetted notification from the central government that allows it to begin construction work on its 263-acre special economic zone (SEZ) situated in Gurgaon.

At present, the company has 8 million square feet of area under construction and planning to add another 30 million square feet in next two years.