Ravi Karandeekar's Pune Real Estate Market News Blog: QVC Realty, Bangalore, to launch 150 acre “second homes” project, with a nine-hole golf course and a resort, in Chikmangloor, in Karnataka

Tuesday, December 25, 2007

QVC Realty, Bangalore, to launch 150 acre “second homes” project, with a nine-hole golf course and a resort, in Chikmangloor, in Karnataka

QVC will launch 4 new projects next year: QVC chief executive officer Prakash Gurbaxani said the projects would be in north Bangalore, Hyderabad, Chennai and either Pune, or Indore.

QVC has 2 townships in Gurgaon: QVC currently has 2 township projects of about 10 million sq. ft in Gurgaon. Gurbaxani said 1 million sq ft. area in the two townships would be developed for commercial use, while the remaining would be for residential complexes.
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What 's this? No news about QVC Realty's funding or investing!

Yes, in 2007 QVC news , generally, was about raising or investing funds. Like this:

1) First venture-funded Indian real estate company, QVC Realty of Bangalore, plans to invest Rs 2,500 cr for two townships in Gurgaon

2) QVC Realty, Bangalore, India’s first venture capital funded real estate company is looking to raise around $100-$200 million from private equity firms

In 2008, to read about financial and investment news, please, visit my "Pune Real Estate Investment" blog. For example:

QVC Realty, India’s first venture capital-funded real estate company, plans to invest Rs594-792 crore in 2008 in new and existing projects

QVC, Sobha Developers and Chintel Group Joint Venture: 192 acre township in Gurgaon:

Here, on this blog, i will focus on the actual development of the real estate projects.

For us, Pune real estate market, this Gurgaon township is important for two reasons. First, Sobha Developers, construction contractors of Infosys, has already launched a project at Kondhawa, in Pune.

Second, marketing genius and PR expert, Prakash Gurbaxani, CEO of QVC, always includes 'Pune' in his long list of cities where QVC is going to launch its projects. Who knows, some day, QVC may launch project in Pune! So let us follow QVC and Sobha projects.

According to JC Sharma, MD of Sobha Developers:

This is a township development where we have formed a joint development agreement with QVC Realty, which has been supported by IL&FS and Chintel Group who are the land bankers.

It’s a tripartite agreement where we are going to develop 192 acres of township in Gurgaon where we will be the developer for the whole project and will have an economic interest of about 68%.

We hope to build about 6.5 million sq. feet over a period of five years. The LOI for the group housing has already been received and the required payments for the township have also been made. We feel that we can start our projects in Gurgaon next year.

According to Chintels India Ltd.:

OCTOBER 3, 2007: Chintels India Ltd. has signed an agreement with Sobha Developers and QVC Realty for the joint development of a 192-acre township in the prime sectors 106 and 109 in Gurgaon, Haryana.

The township would be the closest township in Gurgaon to Delhi, virtually a stone's throwing distance from Dwarka, and the new terminal of Indiara Gandhi International Airport.

The salient features of the project include an integrated township of world-class design and quality consisting of homes, apartments, commercial, retail and office space at a projected investment of over Rs 2,000 crore and a total development in excess of 6.5 million sq ft.

The township would be developed jointly by Sobha Developers, a leading real estate company with other township projects in Kochi and Thrissur (Kerala), QVC Realty which is based in Bangalore.

Mr. Prashant Solomon, Director of Chintels India Ltd,, the flagship company of the Chintels Group said, "We are glad to be associated with professional partners like Sobha Developers and QVC Realty. This township project will help us establish ourselves as a prominent player in the NCR real estate market.”