Released on: June 13, 2008, 3:06 am

Press Release Author: varma

Industry: Real Estate

Press Release Summary: Peninsula Land Ltd, the Ashok Piramal-backed real estate
company, is diversifying into integrated townships and information technology parks
in Hyderabad, Pune and Nashik.


Press Release Body: Peninsula Land Ltd, the Ashok Piramal-backed real estate
company, is diversifying into integrated townships and information technology parks
in Hyderabad, Pune and Nashik.

It also plans to enter Ahmedabad, Chennai, Mysore, Bangalore and Coimbatore by next
year. Peninsula is developing five projects, which includes one residential and one
township project in Nashik, and integrated townships and IT Parks in Pune and
Hyderabad.

The total developable area for these projects is approximately 21 million sq ft,
which is expected to be operational by second quarter of 2013.
A source familiar with the development told reporters the Nashik project would be
launched next month and Pune will follow in August, while Hyderabad will begin in
the third quarter 2008.

"They are extensively planning projects in the south where the market is still
buoyant," the source said.Piyush Suraiya, deputy general manager, Peninsula Land,
said the idea is to go aggressive in western region. "So, after developing projects
in Mumbai, we have Nashik, Pune and Nagpur on our radar."

Peninsula holds 26% stake in the township project being developed in Pune, which is
spread across 5 million sq ft. In Hyderabad, it has bought a 31-acre plot from
Rallis India, which was acquired recently.

"The company is taking a very risky decision by putting up five huge projects during
the same time, because looking at the present conditions it is unsure whether it
will be able to sell the residential units. Secondly, these are IT Parks not special
economic zones where IT companies would rarely tread as the tax benefit scheme will
get over by March 2009 even before the project is ready," said an analyst from a
foreign brokerage, who did not wish to be named.........

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