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Friday, January 2, 2009

Hindustan Construction Company advances phase-II development of Lavasa

Buoyed by the Phase-I success, Hindustan Construction Company has started work on the second phase development of its hill-station destination Lavasa to triple the number of residential units, even as it plans to open ITC Fortune hotel within the project this month.

'Phase II development was initially planned to commence in 2010. However, looking at the positive response from the market, the company has advanced its plans and has already started work on infrastructure development for the second phase,' a senior HCC official told PTI.

A majority of the 1,400 apartments and villas in the first phase were sold in the current calendar year, a period when the real estate and housing sector witnessed lower demand.

4,000 Apartments and Villas:

The second phase will include around five million square feet development over next three to four years which will take the number of apartments and villas in the project from 1,400 in the first phase to 4,000 units at the end of the next phase.

2,000 Hotel rooms:

The hotel occupancy capacity of 1,000 rooms will also double to 2,000 over the next three to four years.

60-room ITC Fortune hotel:

The company will also hand over the ITC Fortune hotel to the hotel management for launch this month. The 60-room property will be the first full fledged three star hotel to commence its operation in the 12,500-acre hill-station.

Currently Lavasa Corporation runs a 20-room 'Ekaant' retreat.

Transport hub:

It also plans to start operating a transport hub in the second phase which will link Lavasa with major cities through alternative road routes.

13,000 Students:

HCC would also take student base in the educational institutions in Lavasa to 13,000 from 10,000 planned in the current phase.

Conceived as India's first post-independence hill town, Lavasa surrounds 20 sq km Varasgaon lake near Pune in Maharashtra.

The Rs 40,000-crore project would have a total of four phases of development to be completed by 2020.

HCC Real Estate, a subsidiary of HCC, owns 60 per cent of Lavasa.

The project has already tied up with Symbiosis to develop an educational campus, a UK-based IB school, Ecole htelire de Lausanne (EHL) for setting up a hospitality learning centre and Apollo Hospitals to develop a world-class health and wellness centre.

To read more, please, visit - tradingmarkets

Related Stories:

1) Lavasa - bookings for the 2nd phase to open in the coming festive season

2) Hindustan Construction Company’s upcoming townships in Pune, Nashik and Thane on hold

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