Morgan Stanley fires ambitions at Alpha G: Corp

New Delhi, July 30 (UNI) With Morgan Stanley having invested Rs 300 crore in Alpha G:Corp, the Delhi-based real estate development firm has set a target of achieving one billion dollar business by 2009.

''We aim to become a billion dollar company with a 300 per cent growth rate in the next three years following our partnership with Morgan Stanley,'' Alpha G:Corp Director and CEO S K Sayal said here.

The company, as of now, is focussed in Tier II and Tier III cities in the North with its 10 projects including townships, retail malls, office and residential developments to be completed by 2009.

Besides, it has tied up with the Ananda group for a hotel project in Hrishikesh under the name 'Ista'.

''Looking at India as a consistently growing economy, Morgan Stanley was keen to invest in a professionally managed company of global standards. This agreement is part of their expansion strategy in India,'' Mr Sayal said.

On comparison with the real estate market in China, the Morgan Stanley Real Estate Executive Director and Head (Asia-Pacific) Zain Fancy said, ''India is couple of years behind China. But has similar positives like a strong GDP growth, high population and quality product developers. It should look at improving the infrastructure.'' Alpha G:Corp's flagship project includes the 10-acre premium residential development plan at GurgaonOne-- a state-of-the-art residential project located at the Old Jaipur-Gurgaon road.

It is located on the periphery of the 1000-acre of permanent greens in accordance with the Gurgaon Master Plan.

The project comprises 240 apartments, executive floors, independent villas and penthouses, and is backed by a well-developed infrastructure and is designed by leading international architects, ARCOP.

GurgaonOne was launched in the February 2004 has achieved sales of Rs 140 crore in just four months, even before the ground breaking was carried out.

Another of its commercial projects is the Golf View Corporate Tower at Gurgaon. The complex comprises two towers with its first tower having a total area spanning 55,770 sq ft.

It has another Rs 500 crore-integrated township project-- Alpha International City-- at Karnal.

The township will be developed in three phases where residential plotted development is planned along with retail, commercial and other developments that go to enhance a township.

The project is being promoted by overseas commercial bodies (OCB's) through FDI to the tune of 250 million dollar for the development of multiple projects, starting with the Karnal development project.

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