New projects announced by Nagarjuna Construction Company Ltd
Real-Estate giant, Nagarjuna Construction Company Ltd has announced that it will develop various residential and commercial projects in Southern India. The projects will be developed by its subsidiary NCC Urban Infrastructure Ltd. The projects will come up in Kochi, Hyderabad, Bangalore and Chennai. The joint projection of the total land area to be developed is estimated to be around 2.5 million square feet. The company is also set to launch a hundred acre integrated township, along with commercial space in Visakhapatnam. Also amongst its other upcoming projects is the a 150-unit apartment project in Guntur city.The company has recently launched six projects in Bangalore and is expected to fetch a turnover of Rs 250 crore per year.
Narayana Raju Alluri, managing director of NCC Urban has said that the company has received Rs 150 crore as equity and the rest of the funds will be loaned by the Nagarjuna Construction Company Ltd to facilitate land acquisitions. The company has also started overseas project in Dubai. This is the first overseas project undertaken by the company.It is a twin-tower high-rise (35-floor) apartment project of 2.3-million square feet being developed at the Dubai Biotechnology and Research Park. However Alluri revealed that the project is going slow because of the Dubai financial meltdown. Construction work is still in progress and in another two years the project will to be completed. He also said that the company made revenues of Rs 175 crore last year and was expecting it to touch Rs 200 crore this year.
Source: Indian Realty News