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Alfa G Corp to invest Rs 1,000 cr in Guj

Vinay Umarji  |  Mumbai/ Ahmedabad 

With massive plans projects in the pipeline in Gujarat, Delhi-based real estate development firm will be investing around Rs 1,000 crore over the next 3-5 years.
The company will be taking up integrated townships, commercial offices and big format retail projects in Ahmedabad and other tier II cities like Surat, Vadodara, Anand and Nadiad.
Already a mixed use city centre 'AlphaOne' is under construction in Ahmedabad and is expected to be functional by August 2009.
Spread over nine acres, the total developed area of will be close to one million square feet with a retail-cum-entertainment space comprising seven lakh sq ft.
Apart from housing big format retail brands like Shoppers' Stop and Hypercity, the city centre will feature a 5-star business hotel 'Ista', to be developed and managed on a two lakh sq ft area by hospitality player IHHR.
While the cost of developing the retail-cum-entertainment wing of the city centre will be around Rs 250 crore, S K Sayal, CEO and director of said that the hotel will come up at a project cost of Rs 200 crore.
"There will roughly be around 100-odd retail shops, apart from other modes of entertainment along with a business hotel" he added.
With a land bank of close to 30 million sq ft across the country in cities like Gurgaon, Karnal, Fatehabad, Jaipur, Meerut, Amritsar and Ahmedabad, has professional backing in Morgan Stanley which holds a 20 per cent stake in the company.
Sayal added that the company adopts a business model of fully leasing out its properties like retail space instead of outrightly selling them as is the case with several real estate developers.
For instance, the city centre which is being constructed by JMC Projects for Alpha G:Corp will be fully leased out.

First Published: Sat, October 27 2007. 00:00 IST