Pune-based real estate developer PRA Realty today said it will spend $100-125 million to develop the required infrastructure for its three upcoming townships in Pune, Nashik and Nagpur.
"We have already acquired over 100 acres of land in Pune, 180 acres in Nagpur and 108 acres in Nashik for developing three integrated residential townships for around $100 million. We will now invest between $100-125 million for the development of infrastructure in these three," company Managing Director, Rustom Bharucha said here.
Bharucha said work on the Pune project will start August this year followed by the Nashik project and the Nagpur project in the first quarter and second quarter of the next financial year respectively.
PRA to invest in developing infra for townships
Rustom Bharucha! Who?:Business Standard says, PRA Realty will be targeting middle-income group and primarily tier-III cities will be the focus areas of the company in the coming days. Sounds good! Isn't it? But who is Rustom Bharucha? An MBA from Australia's Deakin University! That's all?
But name sound quite familiar to me. Oh! I know one Rustom Bharucha. But he is a writer, director and cultural critic from Kolkata!
Who is this 'Rustom Bharucha'? Website of PRA Realty says:
MR. RUSTOM BHARUCHA (Managing Director)
Mr. Bharuch is responsible for securing deal flow and managing the property development pipeline.
As the head of business development, planning, and real estate for another Maharashtra-based firm (Panchshil?), Mr. Bharucha was responsible for the acquisition and planning of the International Convention Centre project in Pune (Panchshil!) with 1.8 million sq.ft. of IT, office, and retail space along with a 5 star hotel and convention centre.
Mr. Bharucha has acquired land and been responsible for the planning and development of more than two million square feet of IT parks where he executed the planning and design strategy with international teams of architects and consultants.
His former clients include Deutsche Telekom, Cognizant Technologies, IBM, AXA and British Telecom.