QVC Hills project to be launched soon in Bangalore

Bangalore: QVC Realty, which is the first venture-capital backed real estate start-up company with an investment of $100 million from private equity fund management company IL&FS Investment Managers, plans to launch its first project ‘QVC Hills’ in Bangalore in “two-three months near Nandi Hills”, said Mr Prakash Gurbaxani, Founder and Chief Executive Officer, QVC Realty.

The first phase of the project, about 102 single-family homes or villas, will come up in 26 acres; Phase II with 250 villas will be spread over 37 acres. The villas would be priced between Rs 1.5 crore and Rs 4 crore.

The company will also be launching two projects in Gurgaon, “with a cumulative development of 1,200-1,400 homes”, Mr Gurbaxani said. The company, which also has its presence Pune and Chikmagalur, is actively looking at Hyderabad, Chennai and Coorg.

Though the company has a land bank of 250-300 acres, Mr Gurbaxani said that land-banking was not their “business model. We own lands where we know we can develop in the next 12 months”.