CHD Developers to invest Rs 1,400 cr in 5 yrs

The company is coming up with four lifestyle housing projects for retired persons in Karnal, Rishikesh, Mathura and Neemrana (in Rajasthan).     

"We have proposed to inject a sum of Rs 1,200 crore in this project and we intend to float a special purpose vehicle for it in which some other companies may also acquire stake for funding purposes," he said.     

Besides, the company has signed a joint venture agreement with a land owner for developing a group housing project in Haridwar which is expected to be completed in next two years, he said.     

The company also has plans to set up 6.5-acre housing project in Mathura which would house 250-300 apartments and is already developing an integrated housing project in Karnal involving an investment of Rs 500 crore.     

In the next three years, the company also hopes to achieve Rs 500 crore turnover which in 2007-08 stood at Rs 75 crore.     

CHD Developers has also decided to get itself listed on the National Stock Exchange (NSE) and is awaiting nod.     

"NSE is a preferred stock exchange and that is why we decided to get our company listed on it," he said. The company is already listed at Bombay Stock Exchange (BSE).