Lucknow gets Rs 1,400-cr housing project

Project spread over 27 acres near posh Gomti Nagar would be completed in phases over next 4-5 years

Don't want to miss the best from Business Standard?

Realtor Paarth Infrabuild on Wednesday launched a Rs 1,400-crore group housing project in Lucknow.

The project spread across 27 acres near the posh Gomti Nagar area would be completed in phases over the next four-five years.

About 2,000 residential units would be developed under the project for all categories of buyers ranging from low/middle-end to the upper/premium segment.

Company Director and Promoter Pradeep Misra said the residential units would carry a price tag ranging from Rs 4-5 lakh for a low-end unit to over Rs 70 lakh for the premium offering.

This is the inaugural project of the company after incorporation. Paarth Infrabuild has plans to launch similar housing projects in cities like Noida, Kanpur, Allahabad, Varanasi and the likes.

On the funding model for the Lucknow project, he said the company aimed at mobilising internal resources/accruals and using booking amount to fund the project rather than taking bank loans.

“We prefer taking land parcels from development authorities or private companies rather than from original land owners due to various formalities and other hurdles related with direct land acquisition,” he underlined.

Misra is also the founder director of leading real estate and urban planning consultancy firm, Rudrabhishek Enterprises Private Limited, whose clients include reputed realtors and government agencies such as DLF, Ansals, Omaxe, Municipal Corporation of Delhi, National Capital Region Planning Board and Emaar among others.

Meanwhile, the company is also looking at investment in hotels and hospitals by tying up with premium brands. It also handles consultancy work in select countries.