India-based Essar Group property arm Equinox Realty is planning to invest around Rs 4,000 crore ($891 million) to develop residential units across India, a senior executive of the company said.
Equinox is going to launch projects in three cities in the country, namely Bangalore, Thane and Nagpur in Maharashtra.
There are two developments proposed to be in Bangalore. The first is a 1.4 million sq. ft. wide project that will be started in the last quarter of this year and the second is an information technology park.
On the other hand, the Thane plan is a one-million housing project scheduled to commence in 2012 while the Nagpur development is a mixed-use project.
Equinox will also be developing townships for the Essar group of companies in Gujarat, Jharkhand and Madhya Pradesh which has a total combined area over 8 million sq ft.
According to Equinox Realty Holdings chief executive officer Cherag Ramakrishnan, the company has already committed around Rs 3,500 crore ($780 million) to Rs 4,000 crore ($891 million) across various projects and had already spent a significant amount of it.
Despite many corporate houses announcing housing projects to tap the demand for homes in India, Equinox, though it planned four future projects, remains not in a hurry to launch property projects. Ramakrishnan said that the company wants to build small volume, reasonable value and good quality properties and they decide to make this happen by launching one project every year.
At present, Equinox has a 1.2 million sq. ft. business park is operative in Kurla area of Mumbai which was bought by the Essar Group from Ashok Pirmal Group three years ago for Rs 1,200 crore ($267 million).
After Mumbai, Pune and Bangalore, the company will be looking at Ahmedabad, Vadodara and Hyderabad.