The HCC Real Estate, a fully owned subsidiary of Ajit Gulabchand-led Hindustan Construction Company, has chalked out an ambitious growth plan to emerge as a leading builder of townships, residential building and office complexes. The company, which has 66 per cent stake in the unlisted Lavasa Corporation is currently developing a 12,500 acres hill city near Pune, has undertaken a large slum rehabilitation project at Vikhroli in Mumbai and is acquiring land to set up three integrated townships at Thane, Pune and Nashik in Maharashtra. The first town in Lavasa is expected to be completed next year.

According to president HCC, Rajgopal Nagja, the company’s Real Estate maiden project, an IT Park called 247 Park in Vikhroli is nearing completion and is all set to become fully operational by December 2009. In this project, the company has invested Rs. 400 crore on construction excluding land cost and hopes to recover the investment in five years as some tenants of the company have already moved in and the retail portion is getting finishing touches and would be allotted very shortly. Over 70 per cent of the total space of 12 lakh sq ft has already been leased out, he added.