North India based real estate developer Uppal Group, announced signing of a 50 – 50 joint venture agreement with Bangalore based QVC realty (IL&FS controlled realty firm). Uppal Group diluted 50% of equity in the project for a value of Rs.300 crore. The joint consortium will develop a 150 acre, high-end, fully integrated township equipped with all amenities and services in the NCR of Delhi. The total estimated cost for developing the integrated township is estimated at Rs.1000 crore.
Commenting on the JV agreement, Mr. Manish Uppal, Managing Director, Uppal Group said, “We are delighted to partner with QVC, a renowned realty firm of global repute. Through this association, we will invest towards the development of a high end, large format township in Gurgaon, the basic development work for which is estimated to be completed in the next 24 months. The Uppal Group has always been known for design excellence and more importantly customer satisfaction and timely delivery and this is what we aim at for this project as well”.
The JV consortium has already acquired land for the proposed township. The proposed township will have a complete range of residential, commercial, office, hotel and entertainment facilities. The township is being designed to have a mixture of premium villas, high-end apartments, commercial retail and office space, community and recreational buildings will be interwoven with lush parks, tranquil ponds, tree-lined streets and picturesque lanes.
Commenting on the tie –up, Mr. P Gurbaxani, CEO & Managing Director, QVC Realty said, “Uppal Group, a company with over 30 years of experience in delivering quality projects across verticals of real estate was the perfect partner for this project. Through this project we have envisaged to provide a superior quality lifestyle for the inhabitants– all within a quick jaunt to Delhi. The project is being designed by top International Architects to match the most desirable neighbourhoods worldwide.”
With venture capital major IL&FS Realty Fund bringing onboard $100 million, the project became the first Venture Capitalist based start-up in realty space in the country. The $525 million IL&FS Realty fund has already invested 75 percent of the fund in 15 real estate development projects, including the Uppal-QVC tie-up project.
This proposed township is the third project by Uppal Group funded by a PE Company. Previously the Groups’ two SEZ projects in Gurgaon have been funded by private equity & realty trusts. Uppal’s had signed a MoU with Trinity Capital (PLC), a UK based boutique investment banking and restructuring firm worth Rs. 300 crore and another JV agreement with US based Vornado for the 263 acre SEZ in Gurgaon.
With the budding need for quality residential space, the need for integrated and fully functional townships has increased tremendously. The realty sector in India today is attracting investments from many venture capitalist funds that are in the fray for their share of the real estate pie of the country.
About Uppal Group:
Founded by Mr. Bhushan K. Uppal and headed by Mr. Manish Uppal, the Uppal Group has over 30 years of experience of having delivered more than 500 quality projects on time and has presence in all real estate verticals including residential, retail, commercial, SEZ and hospitality. With a market worth of over 2000 crore, the company has strengths in several international relationships, management depth and professional approach to deliver design excellence and customer’s satisfaction.
About QVC Realty:
QVC Realty is a new generation real estate development company focused on developing signature real estate properties across major Tier I and Tier II cities in India. Our projects cover a range of Residential, Commercial, Office, Retail, Hospitality, Mixed-use Integrated Townships and SEZs. QVC Realty has been funded by IL&FS, one of India's leading infrastructure development and finance companies.
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