Uppal, QVC Realty ink JV to develop Rs 1,000cr township in NCR

New Delhi, Feb 6 (UNI) Real estate developer, Uppal Group, today said it has signed a 50:50 Joint Venture (JV) with Bangalore based IL&FS contolled venture capital firm QVC Realty to develop a 150 acre township in Gurgaon with an estimated cost of Rs 1,000 crores.

The 525 million dollar QVC realty would fund Rs 300 crore in the JV. Uppal Group diluted 50 per cent of equity in the project.

The joint consortium will develop a high-end, fully integrated township equipped with all amenities and services in the NCR of Delhi.

''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,'' Uppal Group's MD Manish Uppal said.

The land for the proposed township has already been acquired for the project, a statment said.

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