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Sobha to start work on villas project

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Reality major Sobha Developer (SDL) will commence construction of its first presidential villas project -Sobha Lifestyle-at Devanahalli in Banglore with an investment of around Rs 260 crore over to years. SDL has partnered with Banglore-based reality firm Renaissance Holdings, which owns the land parcel, for the project.

Currently, SDL has about 12 million sq ft under construction projects across the country -95% of which is in the residential space. "The next fiscal (2008-09) will see the company start a host of project across segments to develop an additional 12 million sq ft. The cumulative investment into these projects is estimated at over Rs 2000 crore," said Sobha Developers managing directors J C Sharma. At present, the cost of development stands at Rs 1,700 per sq ft, he added. Of the 12-milion sq ft, 4million sq ft will be in the commercial, hospitality and retail spaces and 8 million sq ft in residential development. The company will begin work on the 3-million sq ft Sobha Global Mall in Banglore (Minerva Mills property) and a 4-lakh sq ft Mall in Mysore apart from two hotel projects in Banglore. All projects, according to Mr Sharma,will be funded through a mix of pre-sales, debt and internal accruals.   please visit www.zameen-zaidad.com

Courtesy: ET March 9, 2008

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