Royal Group, GTC in race to buy 26% in Raheja group’s engineering SEZ

Royal Group of UAE and Netherlands-based GTC Real Estate are in the race to acquire 26% stake in the Delhi-based Raheja group’s engineering SEZ in Gurgaon for Rs 500 crore.

Raheja Developers MD Navin Raheja his company was in talks with some investors to sell equity stake in its SEZ. The 257-acre SEZ project is being valued at Rs 4,500 crore with the land component accounting for almost half of it. The foreign investor will initially take 26% stake in the SEZ for around Rs 500 crore and may later bring in more funds towards construction cost.

Raheja Developers are a privately held firm with a net worth of Rs 1,225 crore. Their engineering SEZ has recently been notified by the government. The total usable area in the SEZ will be 21 million sqft, of which 9.68 million sqft will be used for industrial purpose.

Rahejas to enter hospitality sector with Indian Hotels

Delhi-based Raheja Developers will foray into hospitality sector with the Indian Hotels Company. The realty player will develop six hotels in four years.While four of these will be business hotels in Four-Five-Star category, two will be budget hotels

Rahejas will develop only one stand-alone hotel in Gurgaon while others will be part of their shopping complexes. The investment in the 300-room stand-alone business hotel will be to the tune of Rs 150 crore (excluding land price) with an additional cost of Rs 50 lakh for furnishing.

According to sources, the group has negotiated terms for a management contract with the Taj Group to develop two hotels — a 400-room business hotel in its mall in Gurgaon and another in Panipat.Raheja’s mall in Panipat, built at an investment of Rs 100 crore, will house Taj’s budget brand Ginger. However, Mr Raheja declined to comment on the development. Ginger does not have existing property in Delhi or NCR.

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The Economic Times article.