India's third-largest listed developer, Indiabulls Real Estate, plans to use more than $500m raised from a recent share sale to launch projects at a time when its peers are struggling to raise funds and repay debt.

Gagan Banga, chief executive of the group's flagship, Indiabulls Financial Services, told the Reuters Global Real Estate Summit that the developer aimed to launch 6-7 residential projects in the financial year ending in March 2010 on the back of an expected recovery in demand.

'We would like to pursue some large and interesting projects, which we hope to get at a decent value given the fact that we are sitting on cash and the rest of the market is not,' Banga, also the group spokesman, said.

Times of India