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| 3C Company launches Rs 1,500 cr housing project in NCR |
| Press Trust of India / New Delhi Aug 06, 2009, 16:49 IST |
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Real estate firm 3C Company today announced launch of Rs 1,550-crore residential project in the national capital region, the first phase of which would be completed in the next two years.
The project, Lotus Boulevard, would be funded by real estate private equity firm Red Fort Capital, which has 50 per cent stake in it.
The global equity firm, which has invested $300 million in India, said it has already put in Rs 150 crore ($30 million) in the project.
"The total cost of the project would be around Rs 1,100 crore and the realisation value is around Rs 1,550 crore. We will developing the project in phases," 3C Company Senior Vice President (Sales and Marketing) Brijesh Bhanote told reporters here.
He said the first phase would be ready for occupancy in the next 21 months.
Spread over 40 acres, the project will have up to 3,000 residential units and is likely to be completed in the next five to six years.
"The first phase will have around 900 residential units, costing up to Rs 50 lakh. The unit areas range from 987 sq ft to 1,820 sq ft," he said, adding that the inaugural price will be Rs 2,825 per sq ft.
The company said the residential complex will be located at Greater Noida and will have various facilities, including business centre, shopping malls and sports complex.
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