New Delhi: Stadia Infrastructure Projects Pvt Ltd (SIPPL) said it will invest Rs 1,000 crore over the next three years to develop a chain of malls and townships in northern India.

"We will invest close to Rs 1,000 crore over the next three years to develop a chain of superstores in north India," company CMD Pradeep Seth told reporters here late last evening.

The company will set up a resort township in Jodhpur entailing an investment of Rs 800 crore. The total investments in this project will be to the tune of Rs 800 crore and our plan is to make this a winter holiday destination, Seth said.

The project, spread over 150 acres, will have hotels, villas, desert golf clubs, desert safari facilities etc and target the NRIs and the elite segment of the country, he added.

SIPPL is also setting up an integrated shopping mall-majestic Stadia. It will house Jodhpur's first supermarket, a four-screen multiplex with a capacity of 1,100 seats and a budget hotel.

The land has been contributed by Maharaj Gaj Singh and the project will cost about Rs 50 crore, Seth said. The firm will fund these projects through partners, venture capitalists and foreign direct investments, he added.

The company also plans to launch a chain of discount destinations on the national highways of northern India. "Our target is to open five centres by 2010 and another eight by 2012. Of this, the first phase would include Patiala, Mandi Gibindgarh, Karnal, Jaipur and Jodhpur," he said.

Each supercentre has a projected investment of Rs 100-300 crore depending on the size of the project, he added. When asked the reason for choosing tier II and III cities over metros, Seth said he expects a correction to take place soon in the realty sector in the metros which are currently experiencing sky rocketing prices due to the high pace of development and growing demand.

Source : UNI