Real estate developer DLF is planning to invest over Rs 3,500 crore in various residential and commercial projects in and around Chennai and in Hyderabad.
Each project will be developed through a special purpose vehicle (SPV), which would have equity capital from DLF, joint venture partners and through internal accruals, said K K Raman, head (homes), DLF Home Developers.
The company had acquired land for the proposed projects in the last 2-3 years.
DLF recently raised Rs 720 crore by selling bonds to insurance companies. In March, the company disclosed plans to raise Rs 5,000 crore from selling bonds. In the last three months, it raised Rs 3,000 crore to retire short term debt from the consortium of nationalised banks.
J Subrahmanian, executive director – southern region, DLF Commercial Developers Ltd, said the company had proposed a housing project under the premium category on 100 acre behind Siruseri, on the IT corridor. The Rs 1,200-crore project is expected to be completed in the next 31 months.
The company is also planning to develop plots and bungalow at Sriperumbudur, near Chennai, on 250 acres. The project would involve Rs 450-500 crore and developed in a phased manner over the next 3-4 years. Around 2,500 homes would come up in the area.
The project is slated to be launched in the next 2-3 months and will be completed in 24 months from then. A 1,000 sft flat would cost around Rs 18.5 lakh, he added.
Subrahmanian said the company would invest another Rs 400 crore in the IT SEZ at Manapakkam here, which is coming up at an investment of Rs 1500 crore. DLF has already invested Rs 1100 crore and has developed 2 million sft in the first phase.
The SEZ has a total 7.2 million sft of land in the SEZ and would house companies like IBM, Nokia, and Accenture.
The company has rented out the area and is earning around Rs 8 crore a month, said Subrahmanian.
DLF is also developing a luxury mall on 5 acre with an investment of Rs 250 crore in Chennai. Besides a 300-room premium business class hotel at Siruseri is also coming up with an investment of Rs 150 crore.
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