IDEB to invest Rs 600 cr in Pune realty

Bangalore-based construction and engineering player IDEB Group plans to invest in Pune's realty sector in a big way.

The group, which announced its entry into Pune with a residential project Viaalgio Toscana in the city's up-market Kondhwa locality, is looking at building townships and hotels over the next couple of years.

IDEB's Director Harkirat Sing Bedi told reporters that the group has planned a six million square feet residential project Villagio Toscana which will include luxury housing units. The project will be complete in the next two years, he added.

Bedi said that the group has also signed up a takeover deal for a city based service apartment property and will make it operational within the next six months time. According to him the group is in talks with land owners for two more housing projects.

"These will be a 250-acre township projects that will be built on the outskirts of Pune," Bedi informed adding that the company is in the final stages of negotiations with landowners. When the townships will be complete the group will have invested Rs 600 crore in Pune, Bedi said.

Bedi said that the group has received interest from overseas investors for foreign direct investment in its projects. The group has already attracted investments worth $60 million from overseas venture funds and private investors, he said.

IDEB has engaged in construction for the past decade or so, with prestigious projects under its belt, Bedi said. The group has built the Rs 165 crore design-and-build viaduct for Delhi Metro and also participated in the second phase of the Delhi Mass Rapid Transport System in a joint venture with Shanghai Urban Construction Group. It has launched its first 150 acre industrial estate in Kashipur, Uttarakhand Bedi said.