| Gurgaon-based real estate major Vatika group plans to commission the first phase of its Rs 550 crore mega city project by the year end.
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| The first phase of our flagship 53 acre township project would be over by December this year, Executive Director Gaurav Bhalla told pti here.
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| The group housing project would have a total 4.5 million square feet dwelling space, while three million sq ft space would be offered during the first phase.
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| Expected sale value of the dwelling space would be Rs 330 crore for the first phase and the cost of the remaining space would be around Rs 220 crore.
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| “Our target customer group happens to be those who are in monthly income bracket of Rs 30,000-Rs 40,000,” Bhalla said.
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| Vatika City would be a ‘self sufficient’ township project with features like 24-hour banking facility, to be offered by abn amro, coffee shop, polyclinic, shopping mall, 100 per cent power back-up and a swimming pool.
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| On current real-estate price trend in the satellite city, Bhalla said property prices are 15-30 per cent higher than the average prices that prevail in posh localities of the Capital.
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| A host of MNCs have relocated their office premises from the commerical business districts of the Capital to Gurgaon in last two to three years broadening employment opportunities for educated urban youth, he said.
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| The group also has plans to take up a 100-acre housing project in Kolkata by the end of this year, he added. |
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