Released on: May 6, 2008, 2:56 am

Press Release Author: varma

Industry: Real Estate

Press Release Summary: Sterling Urban Developments, a joint venture floated by HDFC
Property Fund (a subsidiary of Housing Development Finance Corporation) and
Bangalore-based Sterling Developers will take up development of 150 acres in
Whitefield at a cost of Rs 4,000 crore.


Press Release Body: Sterling Urban Developments, a joint venture floated by HDFC
Property Fund (a subsidiary of Housing Development Finance Corporation) and
Bangalore-based Sterling Developers will take up development of 150 acres in
Whitefield at a cost of Rs 4,000 crore.

According to Ramani Sastri, managing director, Sterling Developers, "The project,
'Sterling Villa Grande', is being taken up in Whitefield and will see a total
built-up of 20 million square feet at a cost of Rs 4,000 crore. The project is being
built in phases." "In phase I, 144 courtyard villas are being built and in phase II,
the project will have a mixed-use development bringing together over 2,000
apartments, commercial, retail and IT office space," he added. For Sterling Villa
Grande, the company has roped in Belt Collins, Singapore to develop the master plan
and for architecture needs Bangalore-based Venkataramanan Associates.

HDFC Property Fund and HDFC's International Property Fund, which raised $800 million
last year, both have committed Rs 40 crore each in Sterling Developers' mixed-use
property development. Speaking after launching the project, a spokesperson for HDFC
Property Fund, said "Coming together of housing finance institution and property
developer is a trend where it gives home buyer an advantage in terms of quality,
timely completion clear titles and the required comfort factor in property
investments."

Along with the Bangalore project, the company is also into expansion. As part of
expansion the company has commenced property development in Pune and Kochi. The
company is actively considering acquiring two infrastructure companies to
aggressively enter infrastructure sector. Sterling Developers' investment plans span
education and hospitality sectors as well. The company has acquired land for hotel
project in Hyderabad and Bangalore.........
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