Country Club to invest Rs 100 cr., Mahindra Lifespaces eyes 4,000 acres for two more biz cities

News Posted - 2010-04-22

MUMBAI: Hospitality chain Country Club India Ltd (CCIL) plans to invest around Rs 100 crore this fiscal on its latest venture -- Country Club Grand Fractional Ownership Club (CCGFOC), a top company official said.

"We will invest about Rs 100 crore in four properties in our new venture (CCGFOC). With this, we will have 55 properties in India and overseas," CCIL's CEO Sidharth Y Reddy told PTI at the launch of its new venture, which will be operational during this year.

Country Club will also start operations of 11 more clubs this year in Tier I and II cities.

With over 2.25 lakh members worldwide, the BSE-listed hospitality firm has for the first time in India launched a concept that offers members fractional ownership of holiday apartments at diverse locations across the country.

The four properties, under this new scheme, would be coming up at Bandipur in Mysore, Medchal near Hyderabad, Tumkur near Bangalore and Kolad near Mumbai, Reddy said.

The fractional ownership concept, which is quite popular in the West, enables a member to co-own and use a holiday home by paying a fraction of amount, Reddy added.

He further said that the fractional ownership card is available in three variants such as Silver, Gold and Platinum with rates ranging between Rs 3-lakh to Rs 5-lakh.

Source: ET 18/4/10

Mahindra Lifespaces eyes 4,000 acres for two more biz cities

Chennai, April 17:The realty arm of the Mahindra group, Mahindra Lifespaces, is in the process of acquiring over 4,000 acres to promote two more 'integrated business cities', where walk-to-work will be the norm.

The group already has two such ‘Mahindra World Cities': a 1,550-acre business city in Chennai and another 3,000-acre hub in Jaipur.

The new Chennai facility will be about 1,200 acres while nearly 3,000 acres development will come up near Pune.

Ms Anita Arjundas, Managing Director and CEO, declined to give further details saying it would affect the land aggregating exercise.

A formal announcement would be made once 80-90 per cent of the land is in the company's possession, she said.

Ms Arjundas, however, said the focus of the present ‘Chennai World City,' which comprises a multiproduct special economic zone, would be on developing the social infrastructure. About 50 customers had signed in for the IT, auto ancillary and apparel and fashion SEZ.

Of these, 32 companies are operational with 19,000 employees. Similarly, attention would be paid to the development of the domestic tariff area which forms almost half the SEZ acreage. In the residential space, about 671 homes are being built, comprising villas and apartments, from about Rs 45 lakh to Rs 1.8 crore. Over 220 homes, built during the initial phase, have been sold.

The SEZ clocked Rs 1,540 crore in exports for FY09 and has reached Rs 37,000 crore till February.

The Jaipur World City launched in 2006, where IT/ITeS, light engineering including auto and auto components and handicraft are the specialised zones, will also have apparel, gems and jewellery, logistics and warehousing, besides a sizable component of social infrastructure.

Infosys and Deutsche Bank have begun operations. State Bank of India and ICICI Bank are in the process of establishing their North India hub at Jaipur for back office operations. Of the 35 companies that had signed up so far, two have begun operations.

Source: Hindu Businessline 17/4/10