Media Video launches Rs 3000 Million 124 Acre Mega Township Project in Haryana

Media Video Ltd has announced that the Company, under its real estate division is developing a 124 acres modern Township in Yamuna Nagar, Haryana, with a total saleable floor space of 6 Million Square Feet approx. The renowned real estate consulting firm - Trammell Crow Meghraj Property Consultants Pvt Ltd has already studied the project and the feasibility report submitted by it to the Company projects revenue of Rs 606 Crores from an investment outlay of Rs 405 crores.

The township, named MVL Rivercity, will include both, commercial as well as residential premises. The residential part will include built-up villas, freehold plots and a premium residential complex with a total saleable area of Rs 5.5 million sq. ft. The commercial part of the city will have a saleable area of 0.50 million sq. ft approximately and will include a lifestyle shopping mall and a state-of-the-art budget hotel. The said project shall be completed in two phases - 93 acres of the total area will be developed in the first phase, slated to begin by the end of June'07 and the balance 31 acres in the second phase, to be launched by the 2nd Qtr of 2008.

The land for the same has already been acquired.

Further the Company has informed that the Company presently has projects worth Rs 19.99 billions, spread across the country. Apart from the above, the Company has 2 residential projects in Bhiwandi and two IT Parks in Gurgaon among others.

The stock was trading at Rs.52.30, up by Rs.2.30 or 4.60%. The stock hit an intraday high of Rs.53.05 and low of Rs.49.10. The total traded quantity was 199113 compared to 2 week average of 70543.

Source : Equity Bulls

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