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The largest private sector consumer services company in Russia, named Sistema has recently announced that it is planning to set up a mixed-use real estate project in Gurgaon, very soon. The company officials have informed that Sistema is also having interests in the sectors like telecom, real estate and banking and it is thinking of making an investment of Rs 800-crore for the mixed-use realty project in Gurgaon. The project is coming up on a 27-acre area.
Informing that the company is having a total market capitalization of $16 billion (Rs 64,000 crore), one of the top officials from Sistema, said that the company is setting up the project in order to cater to the rising demand for office space, residential and hotels in the National Capital Region. The official said that Sistema is implementing the project in partnership with its partner for telecom services in India, the Shyam Group and the company has also identified land on the outskirts of Mumbai for a real estate project.
While talking about the companys plans with the project in Gurgaon, the First Vice-President of the real estate and construction subsidiary of the Sistema Group, named the Sistema Hals, Mr. Sergey Shmakov said, "The Gurgaon project is likely to start by end 2008 or beginning of 2009". He said that the company will do construction work on 16 acres of the total area and will leave the remaining six acre free. Shyam Group is going to provide land for the project and Sistema is going to work out the partners stake, very soon. The Vice-President, Strategy And Business Development of Sistema Hals, Mr. Yevgeny A Kolodkin was also talking about the project and said, "We will start the project as soon as possible, as Shyam has commitments to the Haryana Urban Development Authority".
Mr. Shmakov was elaborating their plans with the project and said that the project is going to have commercial office space, some residential properties and perhaps a hotel too. He said that it will be incorporating with the Indian architecture and is also likely to be completed before the Commonwealth Games in 2010. he said that Sistema is giving a huge emphasis on the Indian real estate market and is planning to develop own properties in all the metro cities including Delhi, Mumbai, Kolkata and also in the cities like Gurgaon, Noida, Faridabad and Pune. He said, "We are considering all possibilities that market can provide us in India". Mr. Kolodkin added, "The Indian market is similar to the Russian market. There is a lot of demand for commercial office space in India".
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| Posted : 4/10/2008 |
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