Goldman Sachs, Wachovia Bank and Bayer Capital have picked up a 9% stake in Gurgaon-based real estate firm Vatika group, for about $250 million. It is expected that funds from the three investors would be fully paid up by March 2008. The stake transfer takes place even as the group plans to approach the capital market with an IPO early next year.

The company will use proceeds from the PE placement and the IPO to part finance its ongoing development plans.

The company has recently undertaken a 1200-acre integrated township project in Jaipur and is developing about 3.8 million square feet of residential projects in Gurgaon. It would also be developing a 53-acre IT special economic zone as part of its Jaipur township, for which it has the required approvals.

''The present infusion of funding into the company through world's leading financial institutions shall help us in adding value to our existing projects, further consolidation of our land banks and acquisition of new projects at other locations in the country'' said Vatika group director Gaurav Bhalla.

In the hospitality segment, the company plans to diversify into the budget hotel category and is in talks for a management tie-up with the international budget hotel chain Aloft, part of the hospitality major Starwood Hotels and Resorts.

The company is currently completing Westin Resorts and Spa, a 6.5 star property, and a 311-room business hotel in Gurgaon.

Vatika Group is also looking at going international through its sister concern, Vatika Business Centre (VBC) and will likely start operations in Dubai and Singapore later this year.

At present, VBC operates four business centres in India: two in Gurgaon and one each in Pune and Hyderabad. The concern will soon start two more centres in Chennai and Bangalore .