“In the next six months, we will be launching two residential townships in Indore and Meerut spread over 150 acres each. Once all regulatory issues are solved, we will start construction,” TDI Infrastructure Managing Director Kamal Taneja said.
“The company would invest Rs150 crore in each toward construction of the townships,” he added.
On the source of funding for the projects, he said that it would be a mix of debt and equity.
When asked if the company would approach private equity players in view of liquidity crunch in the banking system, Taneja said: “We are not completely closed to PE funding, but in today’s scenario, they are expensive and their expectations are going very high.”
“PE players have become ‘very structured’ these days and TDI would not like to get into such systems,” he added.
“There is obviously funding problem and it is available in a limited way to those developers, who are delivering quality products. It has created little delay in disbursement of loans,” Taneja said.
“To deal with the current situation, the company would not embark upon any expansion, mainly on land bank,” he added.
The company launched a new scheme of construction solutions for the plots in its township in Kundli, TDI City.
Under the scheme ‘build and earn’ the company would offer one-stop-solution for overall constructions of the plots and would offer a rebate of up to 25% to the owners.
“We want to create a new Gurgaon in Kundli. For this we will offer standardized constructions to the plot owners, through which they will be getting a good rebate also,“ Taneja said.
‘TDI City´ is a 1,500 acre integrated township comprising plots, villas, group housing, commercial complex, school and hospitals. It is being developed at an investment of about Rs10,000 crore and is expected to be completed by 2013.
“We will develop about 15,000 apartments and offer 12,000 plots. After developing the plots under the scheme, we may retain some and lease them in future,” Taneja said.
The company has a land bank of about 2,600 acres and it plans to develop the same in the next 6-7 years. Currently, it is developing five township projects in about 2,000 acres of land.