Earth Infra to invest Rs 630 cr in 2 Greater Noida projects

Realty firm Earth Infrastructure Ltd today said it would invest Rs 630 crore for developing two projects in Greater Noida over the next two years.

"We are developing two projects in Greater Noida -- one is affordable housing and the other is an office building. The total cost to develop these projects would be Rs 630 crore," company Director Vikas Gupta said.

The investment would be funded through internal accruals, debt and advances from customers, he added.

In the affordable housing project, titled 'Earth Towne', the Delhi-based company would develop 2,400 units at an investment of Rs 500 crore. The project, expected to be complete by June 2012, has been launched at Rs 1,950/sq feet.

The commercial project -- Earth Sapphire Court -- would be a green building with a saleable area of six lakh sq feet. It involves a project cost of Rs 130 crore.

"We are offering 12 per cent assured annual returns with bank guarantee till 51 months," Gupta said, adding that the project would be completed within the next two years.