Lalbhai Realty Setting Up Rs 160cr Office Complex

The company is negotiating with the UK-based Trafalgar House, Nagarjuna Construction and Tirathram Construction among others for a contract in the proposed project.

The real estate company has received all the clearances requiredfrom Delhi Development Authority (DDA) and the state government for the construction of the project.

The 1,12,000-square feet area for the complex near south Delhi was auctioned by Delhi Development Authority (DDA) last year.

To be named Capital Court, work on the complex will begin by the end of this year and has a gestation period of fifteen months.

The sale price of the commercial space, to be available in 1998, has been fixed at Rs 12,500 per square feet.

 

M Tulsi, the chief executive, Lalbhai Realty, said Capital Court is the first real estate venture in Delhi.

Presently, we are also negotiating for land purchase with several Delhi companies for the different projects we have lined up.

According to Tulsi, Lalbhai Realty would expand into residential projects also and is already in the process of acquiring land near Gurgaon in Haryana for building condominiums.

Besides, land is also being acquired in Delhi for residential projects.

The company already has a tie-up with Richard Ellis, the international real estate consultant, for marketing the projects of Lalbhai Realty.

Besides the Lalbhai group, many other corporate groups are incorporating separate real estate companies like J K group and ITC among others.