HCC to develop Rs800 cr mini township at Nashik
HCC Real Estate has announced plans to develop a 500-acre mini township at Nashik (Maharashtra) at an investment of approximately Rs800 crore. The company plans to initially invest about Rs100-200 crore to build the required infrastructure for the project, before raising the balance funds from financial institutions.
According to company sources, the land acquisition process for the project is at the half-way mark and construction is expected to commence over the next 12-15 months. The company is buying land from the open market for this project which is expected to host about 1,000 apartments supported by commercial development.
As part of its forward strategy, the company plans to develop two additional mixed-use mini-townships on 200 acres each at Pune and Thane in Maharashtra, for which land acquisition has been started.
HCC had earlier signed an agreement with the Gujarat Government to develop a Water Front City on the lines of the Lavasa project, across 4,000 acres at the Dholera Special Investment Region, at a total investment of Rs40,000 crore.