HCC Real Estate, a 100 per cent subsidiary of Ajit Gulabchand-led Hindustan Construction Company, has chalked out ambitious growth plan to emerge as a leading player in townships, home building and office complexes.
The company, which has 66 per cent stake in the unlisted Lavasa Corporation that is developing a 12,500 acres hill city near Pune, has undertaken a large slum rehabilitation project at Vikhroli in Mumbai and is acquiring land to set up three integrated townships at Thane, Pune and Nashik in Maharashtra. The first town in Lavasa is expected to be completed next year.
HCC Real Estate's maiden project, an IT Park called 247 Park in Vikhroli is nearing completion and will be fully operational by December 2009. The company has invested Rs 400 crore on construction (excluding land cost) and hopes to recover the investment in five years.
"Two tenants have already moved in and the retail portion is getting ready. Over 70 per cent of the space (of 12 lakh sq ft) has already been leased out," said Rajgopal Nagja, president, HCC Real Estate.