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Friday, Apr 08, 2005

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Rs 1,800-cr Suncity projects in the works

Moumita Bakshi
Sarbajeet K. Sen

New Delhi , April 7

SUNCITY Projects Ltd, promoted jointly by the Essel Group, Action Group and Odeon Builders, is in the process of executing real estate projects worth over Rs 1,800 crore in both the residential and commercial space.

"On the commercial side, we have three shopping malls in Delhi and one each in Gurgaon and Jaipur coming up over the next few months," Mr Ashok Bansal, Director of Suncity Projects Pvt Ltd, said here. This includes the Rs 175-crore Cross River Mall in East Delhi, which is expected to be operational by November. The mall is currently under construction and has 2,50,000 sq. ft of built-up area.

The company has also started work on North Square Mall, located in Peetampura, entailing 80,000 sq. ft of built-up space and a project cost of Rs 35 crore.

"We will also start construction of Vasant Square mall in South Delhi in the next two months, and it should be functional by the first half of 2007. The project would be about Rs 200 crore and will be spread over 2,50,000 sq. ft," he said.

In addition, the company would soon begin construction of its proposed Silver Spring Mall in Gurgaon. The Rs 250-crore project is to be completed in the next two years, he said. The mall in Jaipur is yet to be named and is sprawled over 5 lakh sq. ft, and is estimated to cost about Rs 200 crore.

Suncity also has a residential project in Gurgaon: Essel Tower. "The possession has already begun in phases, and the Rs 1,000-crore project has an area of 55 lakh sq. ft," Mr Bansal said. The company would also come up with a 232-acre project in Greater Noida, which it is touting as an `Integrated Entertainment Park.' "It would have an entertainment and shopping mall with a five-star resort. The project cost will be pegged at over Rs 1,000 crore, and we are in the process of tying up the required finances with various financial institutions," he added.

While the company has already been allotted the land by Greater Noida authority, it expects to start the project in six months.

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