Uppal Group to focus on infrastructure, budget hotels

May 14th, 2008 - 11:08 pm ICT by admin  

New Delhi, May 14 (IANS) After housing and special economic zones, budget hotels and infrastructure are going to be next focus area of investment for realty firm Uppal group. “Infrastructure is going to be our next focus area in the coming years. We are interested in highway development projects and water supply infrastructure, which has a huge investment potential in the coming years,” Manish Uppal, managing director, Uppal group said Wednesday.

Uppals have already announced their plan to invest Rs.80 billion in four SEZ projects and two hotel projects.

The company has received the notification for two SEZs in Gurgaon, and has got the formal approval for two SEZs planned in Noida and Greater Noida, satellite towns of the national capital.

“The company is also planning one production based SEZ on Delhi-Chandigarh highway,” said Uppal. However, he refused to reveal any further detail.

“Also, we are seriously considering various projects of budget hotels. This is an area which has a huge potential,” he added.

On the slowdown that is looming on real estate sector for the past few months, he said: “The slowdown has mainly affected the luxury housing segment. The mid-segment has seen a price correction of about 10 percent.”

“However the actual sales have not been affected. Most of the buyers are now actual end users and not just investors,” he added.

When asked about the source of funding for the projects, he said it would be done through internal accrual, debts and private equity at project level.

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