Uppal Group forms joint venture with QVC Realty

New Delhi: Real estate developer Uppal Group, on Wednesday announced signing of a 50:50 joint venture agreement with Bangalore-based QVC Realty, which is an IL&FS controlled realty firm.

The joint consortium would develop a 150 acre, high-end, fully integrated township equipped with various amenities and services in the National Capital Region (NCR). The total estimated cost for developing the integrated township is estimated at Rs 1,000 crore, a company release said here. Uppal Group has diluted 50 per cent of equity in the project for a value of Rs 300 crore to QVC.

Commenting on the JV agreement, Mr Manish Uppal, Managing Director, Uppal Group said, “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.
The JV consortium has already acquired land for the proposed township. The proposed township will have a complete range of residential, commercial, office, hotel and entertainment facilities.