Punj Lloyd to construct houses for Delhi Police for Rs 1,300cr

The project will have over 5,200 residential units, three schools, some commercial space and will be maintained by Punj Lloyd for 25 years

Infrastructure major Punj Lloyd will construct a residential complex for the Delhi Police at an estimated cost of Rs 1,300 crore at Dheerpur in the National Capital.

The project, being developed on public-private partnership (PPP) mode, will have over 5,200 residential units, three schools and some commercial space, and will be maintained by Punj Lloyd for 25 years.

After laying the foundation stone of the project today, Lt Governor Tejinder Khanna said that to keep control on city's crime rate, the police needs to have better coordination with the public.

"If police wants to get information about any suspected activity, they need to have better coordination with the common people because even if you have a 80,000 strong force, you cannot guard every nook and corner of the city," he said.

Speaking on the occasion, Delhi Police's Special Commissioner (Administration) B S Bassi said that the proposed residential complex will increase the availability of houses for Delhi Police personnel by an additional 7 per cent to 25 per cent. He also noted that the project was pending since 1996-97 for want of clearances.

Commenting about the project, Punj Lloyd's Director (Corporate Affairs) Luv Chhabra said that the company will have a time line of 29 months to construct the residential complex after all the approvals are in place.

So far only Delhi Police has approved the layout of the project and clearances from other regulatory bodies like Delhi Urban Art Commission (DUAC), DDA, MCD are yet to be accorded, he said.

Punj Lloyd has secured finances for the project from a 12-member consortium of banks led by State Bank of India, he added.

"The project cost is about Rs 1,300 crore. Once the approvals are in place, we have about 29 months to construct. Financial closure for the project is achieved," he said.

According to him, the project is being constructed at a debt to equity ratio of 60:40 and Punj Lloyd would be entitled to semi-annual annuities of Rs 62.75 crore for 12.5 years.

Put together, the project will have 4,256 numbers of type-II quarters, 700 type-III quarters, 246 type-IV quarters, a health centre, three schools and some commercial space. Besides, nearly one-third of the total project area will be developed as green belt.