HPCL to develop real estate projects on owned land | INRnews

New Delhi, November 02, 2006 : Indian oil major Hindustan Petroleum Corporation (HPCL) plans to unlock the value of its large land holdings by developing commercial and residential real estate projects in partnership with other developers. As a start, HPCL is to develop malls, hotels and premium residential apartments on land owned in Jaipur and Kochi.

HPCL is evaluating the JV approach whereby the company would contribute to the equity in the form of land while the partner would bring in the investment for development.
       
HPCL owns prime real estate across the country. In Kochi and Jaipur alone the company has over 60 acres of land. The company hopes to sell Rs 100 crore worth of residential apartments in Cochin, as well as earn yearly income of Rs 30 crore from the commercial development.

Trammell Crow Meghraj has been appointed as HPCL's property consultant.


By INRnews Correspondent

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