Released on: September 25, 2008, 11:36 pm

Press Release Author: varma

Industry: Real Estate

Press Release Summary: Real estate developer QVC Realty plans to raise Rs 600 crore
in 2009 through a mix of equity and debt, primarily to buy large tracts of land in
the south, especially closer to the new airports in Hyderabad and Bangalore.



Press Release Body: Real estate developer QVC Realty plans to raise Rs 600 crore in
2009 through a mix of equity and debt, primarily to buy large tracts of land in the
south, especially closer to the new airports in Hyderabad and Bangalore.

According to a senior official of the IL&FS backed QVC, it plans to use a portion of
the funds, Rs 200 crore, for the development of its Rs 2,000 crore township project
in Gurgaon. Delhi-based Uppal Group is a partner in this project. “We will need
funds to acquire land in the southern metros. We propose to acquire about 100 acres
each in Bangalore and Hyderabad, close to the new airports in these cities, because
we believe that both cities will grow in the direction of the airports. We will
require funds to develop current projects,” said QVC’s promoter Prakash Gurbaxani.

According to Mr Gurbaxani, IL&FS is likely to invest up to Rs 400 crore in the
company giving it the option to raise debt or bring on board a strategic investor
into the SPV implementing the Gurgaon township. IL&FS has already invested $100
million into QVC in April, 2007. QVC Realty, has six projects under various stages
of development: integrated township projects in Gurgaon and Pune, apart from stand
alone developments in Pune, Bangalore and Chikmagalur in Karnataka totalling about
20 million sq ft. The company has also partnered with Bangalore’s Sobha Developers
and New Delhi’s Chintels India for its second township project in Gurgaon. The
company formally launched its Rs 150 crore Bangalore residential project - QVC
Hills. It will construct 100 premium villas, priced upwards of Rs 5,500 per sq ft,
on a 26-acre plot located in close proximity to the Devanahalli airport. Plans
include developing an additional 50 acres in the coming years, investing additional
Rs 250 crore, Mr Gurbaxani said. .......

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