Popular Estate Management is in talks with international players like Homex, Frischmann Prabhu India and Monitor Group to partner its township projects in Gujarat. The company has lined up three township projects near Ahmedabad for an estimated project cost of Rs 8,000 crore.
Popular Estate has already acquired land of about 670 acres for the three projects.
While the township projects will be slightly on the premium side, Popular Estate Management is also planning to build affordable residential properties in Vadaj area of Ahmedabad. The townships will comprise modern facilities like schools, hospitals, malls, multiplexes, clubhouses, and indoor and outdoor games. The houses will be constructed to cater to the low-income, middle-income and high-income groups.
Talking about the project, Vijay Shah, project advisor to Popular Estate Management said, "The three township projects will span an area of about 670 acres and will carry a cost of Rs 8,000 crore. We are in preliminary talks with several international players for it, including Homex, Frischmann Prabhu India and Monitor Group. We are also looking for typing up with an international brand for townships who would also pick up some equity in the project."
While the first integrated township will come up on 12 lakh sq yards area at Godhavi and Ghuma villages, the second and third will come on 11 lakh sq. yards at Garodia and Unali villages, and on 6 lakh sq. yards at Andej village, respectively. Moreover, the affordable housing project will be set up on an area of two lakh sq. yards. The project cost of the four townships is estimated at Rs 3,000 crore, Rs 3,000 crore, Rs 1,300 crore and Rs 700 crore, respectively.
Currently, Popular Estate Management, which is in talks with the Gujarat government, is awaiting single window clearance of NA certificate for land allotment as well as FSI under the upcoming township policy. According to Shah, the additional FSI will boost demand for such projects in and around the city.
While Monitor Group is an international management consulting company, Frischmann Prabhu India is a multidisciplinary design consultancy, founded in 1995, as part of the Pell Frischmann Group, a well known multinational based in London. Frischmann Prabhu India provides consultancy services in design, engineering and project management across a variety of sectors.