Hubtown plans to raise Rs 150 cr through PEs

Hubtown (earlier known as Ackruti City) is in advanced talks with two to three private equity players to raise around Rs 150 crore by selling about 25 per cent in its proposed redevelopment project in Chembur, Mumbai. Under this PPP project, Hubtown is expected to redevelop the existing government housing colony and hand over the same to the government authority in lieu of free sale component. Of the total area of around 15 acre of redevelopment, Hubtown is estimated to get around nine acre to develop over 1 mn sq ft of free sale component. The project is expected to generate revenues worth around Rs 2,000 crore.Contact: Hubtown. Tel: 022-2670 37400.  Fax: 022-2821 8230. E-mail: contact@hubtown.co.in Website: www.hubtown.co.in