Financial Daily from THE HINDU group of publications
Friday, Mar 08, 2002
Financial Daily from THE HINDU group of publications Friday, Mar 08, 2002 |
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Corporate
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Diversification Gesco Corpn to develop residential complex K.R. Srivats
NEW DELHI, March 7 IN its maiden foray into the residential segment in North India, Gesco Corporation Ltd has undertaken the development of a premium condominium complex at Gurgaon in Haryana. "The total cost of construction for the project comprising 561 residential units of different configuration is Rs 125 crore. The project is being called Central Park and the development of about 11.50 lakh sq feet will be completed in four phases,'' the company's Senior Vice-President (Operations), North, Col. R.S. Sodhi, said here today. Gesco Corporation, a Mahindra & Mahindra group company, wouldl develop the project on 13.478 acres of land owned by Bakshi Enterprises, Mr Sodhi said. He pointed out that the company had hitherto been focussing only on the development of commercial buildings. "The glut in the commercial segment has in a way compelled us to look at the residential segment. A number of multinational companies are looking for quality residential accommodation for their executives. We are confident of meeting this requirement. The project is being taken up at a prime location in the neighbourhood of DLF golf course,'' Mr Sodhi said.
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