Alchemist Realty to invest Rs 5k cr in 7-10 yrs

Souce: Economic Times of India.

NEW DELHI: Real estate firm Alchemist Realty Ltd will invest over Rs 5,000 crore in the next 7-10 years for developing a land bank of 10,600 acres. "Currently, we have a land bank of 10,600 acres across the country, mainly in the northern states. We plan to invest about Rs 5,000 crore in the next 7-10 years to develop different projects," Alchemist Realty Ltd CEO Pran Khanna told PTI on the sidelines of Technopak Retail Summit here. The company plans to develop integrated townships, resorts, hotels and restaurants on its land bank, he said. Alchemist Realty proposes to open a chain of speciality restaurants in northern India under 'Red Cap'" brand. "At first, we will open 20 restaurants in two years in northern states. Excluding land and lease amount, we have earmarked an investment of about Rs 15 crore for setting up the outlets," he said, adding the eating joints would operate under franchisees as well as stand-alone basis. The size of the outlets would vary from 3,200 sq ft to 6,500 sq ft. The first two restaurants would be opened in Delhi within next two months, he added. Khanna said the company would also develop over 1,000 high-end housing units by 2010. The company would construct luxury villas on nine acres of land in Shimla and an IT park at Chandigarh.