Earth Infra to invest Rs 1,000 cr in 3 projects

Realty firm Earth Infrastructure today said it will invest Rs 1,000 crore over the next three years to develop three projects in the National Capital Region.

The company has launched two housing projects in Gurgaon and Greater Noida, comprising about 900 apartments, and one office complex in Greater Noida.

"This year, we are going to launch a number of projects. In the first phase, we are launching three projects in NCR... The total investment in these projects will be around Rs 1,000 crore by 2013," Earth Infrastructure joint managing director Vikas Gupta told reporters here.

The planned investment will be funded through internal accruals and advances from customers, he added.

Elaborating on the forthcoming projects, Gupta said: "We will develop a premium housing project, Earth Copia, at an investment of Rs 400 crore in Gurgaon. It will have about 500 flats with a starting price of Rs 70 lakh."

In Greater Noida, the company will construct 400 studio apartments for Rs 100 crore. It will sell these for about Rs 16 lakh each, he added.

"In the same complex in Greater Noida, we will also build an office complex, spread over 1.5 million sq ft. The cost of the development will be Rs 500 crore," Gupta said.

The National Capital-based developer is currently executing various projects worth Rs 3,000 crore.

Speaking about its future plans, Gupta said the company is planning to raise money through an initial public offer in 2014. He, however, did not share details.

He also said Earth Infrastructure is planning to launch a financial firm within the next 12 months to offer home loans to its customers.