Realty firm TDI has said it would invest over Rs 500 crore to develop a residential project at Kundli in Haryana over the next three years and is planning to raise funds through public issue.

The 53-acre housing project, Tuscan City, would comprise 800 independent flats in two phases. It will be part of a 1,600-acre integrated township being developed by the company. Land has already been acquired we will put in over Rs 500 crore in construction of the flats, TDI managing director Kamal Taneja told FC Estate.

The company expects to realise Rs 1,200 crore over the next three years from this project, he added. These flats would be offered at a starting price of Rs 21.5 lakh.

The investment would be funded through internal accruals as well as debt, Taneja said. On company plan to tap the capital market, Taneja said. We are contemplating an IPO, but we will see how the upcoming public offers of the real estate firms do before deciding on it.

In the past few months, about 10 realty firms announced their plans to launch initial public offers IPO to rise over Rs 12,000 crore. These include Sahara Prime City, Emaar MGF, BPTP and Ambience.

In the Kundli Township, TDI has so far sold 4,000 units in several group housing projects and 6,500 plots. Taneja said the company has a land bank of 2,600 acres in different cities of north India.

According to Taneja, TDI Tuscan City is inspired by the scenic Italian architecture, which is known for its lush green landscapes and artistic infrastructure.

With this unique concept, the arena connects style to life and is the first of its kind venture. It is positioned for every one who appreciates stylish surroundings and spaces equipped with the beauty of nature and modern design architecture, says Taneja.

The Kundli project, an integrated city, has all civic amenities like recreational clubs, hospitals and schools. Tuscan City is situated on the national highway, in close proximity to the national capital.

The first phase of Tuscan City will comprise independent floors. These floors will be available in 3 BHK, 3BHK study and a fourth floor with exclusive terrace.

Every unit will have an amazing view of the lush green campus and water bodies. It will also have features like uninterrupted water and electricity supply, a three tier security system, super specialty health services and educational facilities ranging from kinder crib to professional colleges.

According to Taneja, the company has promoted and developed a number of projects like TDI city, Moradabad, Panipat, Mohali, Meerut, Gurgaon and Agra. We are also promoting a number of commercial and retail spaces. Among them are TDI Mall in Rajouri Garden, Motinagar, Lajpat Nagar while we have developed commercial spaces at TDI Centre, Jasola, TDI palm Court, Gurgaon and TDI Southern Park, Saket, he says, adding that the TDI group is headed for many landmarks in the future.

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