Sobha Developers to develop 192 acre township in Gurgaon

JC Sharma, MD of Sobha Developers informs that the company is planning to develop 192 acre township in Gurgaon which will commence next year.

Excerpts from the exclusive interview with JC Sharma:

Q: Give us details of how does this pact worked?

A: This is a township development where we have formed a joint development agreement with QVC Realty, which has been supported by IL&FS and Chintel Group who are the land bankers. It’s a tripartite agreement where we are going to develop 192 acres of township in Gurgaon where we will be the developer for the whole project and will have an economic interest of about 68%.

We hope to build about 6.5 million sq. feet over a period of five years. The LOI for the group housing has already been received and the required payments for the township have also been made. We feel that we can start our projects in Gurgaon next year.

Q: Can comment on DLF bagging their big order from the Karnataka government, what would that really augur or mean for the demand-supply situation in Southern India particularly in terms of price movement there?

A: You should ask this question to the DLF management.

Q: But somebody who is observing the market very keenly, would you want to make a comment on how prices particularly in the Southern market would move?

A: As far as we are concerned, we have attained market leadership in whole of South India. As far as Bangalore is concerned, we continue to out-sell anyone and we have our own business model. So we are not worried.

Q: Give us an idea of the status for the Dharavi re-development project?

A: As far as Dharavi is concerned, some clarifications were needed by the government, which we provided them. Now they have to take a call.