RPIL bags Rs 800-cr housing project

Ludhiana-based Ritesh Properties and Industries Ltd (RPIL) has bagged a housing project worth Rs 800 crore. The company has entered into a joint venture with Ansal Properties and Infrastructure (API) to develop a premium housing project and a business park in Ludhiana.

The project is expected to generate a revenue of about Rs 1.50 billion after completion.

“We have got all the approvals for the project. The total land would be divided into two segments, IT and housing projects. Twenty-four 24 acre out of the total land would be devoted to the IT Park, while the rest to 550 housing apartments,” said RPIL MD Sanjeev Arora.

The IT park would house companies providing IT and IT-enabled services. “It is estimated that the park would generate about 20,000 employment opportunities for the IT professionals. Besides, a local shopping centre, post office, banks, health care facility etc would also be developed,” said Sanjeev. The initial work on the project has already started and the project will be formally launched in a month’s time.

The land for the housing project, Hampton Court, spread over 42 acre, is located at a prime location on the Ludhiana-Chandigarh state highway.

RPIL has recently stepped into the retail sector as well. The company is also coming up with new projects with the investment of about Rs 3,000 crore in Jalandhar, Ludhiana and Amritsar.

The company is on the lookout for a partner to set up a hospital within the premises of the proposed project and tie ups are in the pipeline for entering into hospitality business.

Source : Expressindia

Vipul To Invest Rs. 2,000 Cr. For Real Estate Expansion In Tier-II Cities

The media reported that Vipul Ltd, the real estate company, plans to invest Rs. 2,000 crores over the next two years in expanding its operations to smaller cities in the country.

The company intends to expand into Nagpur, Bhubaneswar, Chandigrah, Ludhiana, Mohali and Dharuhera in Haryana. Presently, the company has residential and commercial projects only in Gurgaon, to the south of Delhi.

The Managing Director, Punit Beriwala, stated that the company is expanding into the smaller or tier-II real estate market, as the cost of acquiring land is very in the metros.

The company disclosed that the funds required for the expansion would be raised through a mix of debt and equity. The company also plans to form partnerships with private equity firms to raise money.

Going forward, Vipul is looking at offering equity to private equity players in special purpose vehicles, which will be set up for specific projects, Beriwala said, adding that the company would retain a majority stake in these units.

Source : Nasdaq

Ludhiana getsfirst multiplex through PVR

PVR cinemas, Inox, Fame, Imax and many more! The multiplex mania in Ludhiana cannot get better. In the next 2-3 years time, Ludhiana will have at least 50-60 screens in 24-odd upcoming multiplexes and shopping malls.

Changing the very face of Indian cinema, ten years back came the very first multiplex and such has been the runaway success of this cinema viewing experience that today we have scores of multiplexes coming in and around Ludhiana.

PVR has taken the lead in Punjab, by opening their first four-screen multiplex at Flamez mall in Ludhiana.

PVR Ltd will be coming up with 44 cinema screens in Punjab with an investment of around Rs 130 crore (about Rs 3 crore per screen) and all will be ready by the mid of 2009. The company is planning to open at least 80 screens in Punjab by 2010-end. These screens will be coming up in Ludhiana, Bathinda, Jalandhar, Chandigarh, Mohali, Khanna (district Ludhiana) and Amritsar.

Ajay Bijli, chief managing director, PVR group, who was in the city to launch the PVR multiplex, said the cinemagoers could look forward to novel movie watching experiences shortly.

Bijli said, “We will have special discount days shortly. There will also be discounts during off hours. Also, we will be launching loyalty scheme, where our regular audience will collect loyalty points and enjoy additional benefits.”

Ajay Bijli further said the benefits of an entertainment tax exemption bestowed upon by the state government had been extended to the public. The ticket at PVR cinemas would range from Rs 75 to Rs 150, comparatively lower than its other multiplexes.

Another New Delhi based Rs 500-crore real estate development group Spirit Global Constructions Pvt Ltd, is coming up with 60 malls and multiplexes in Punjab by 2010.

“For creating family entertainment centres, the company has tied up exclusively with the Pyramid Saimira Theatre Ltd, India’s largest theatre chain company. In Punjab, we plan to have at least 250 screens and are also planning to come up with 15-20 seater multiplexes where one can have his personal movie party,” Anuj Malhan, director of the company told Business Standard.

Source:/Business-standard.com