Silverglades to invest Rs 350cr in Gurgaon housing project

Company will develop 950 apartments in this 17.5 acre project

Realty firm Silverglades today said it will invest Rs 350 crore to develop a housing project at Gurgaon and announced tie-up with non profit organisation Age Ventures for management of flats for senior citizens.

The company would develop 950 apartments in this 17.5 acre project, of which 156 flats would be for elderly people.

"We have tied up with Age Ventures for management of 156 flats for senior living. It will also help us in designing and marketing," Silverglades Director Anubhav Jain told reporters.

Jain said the company would invest about Rs 300-350 crore on development of the entire project, including senior living community.

The construction of project would start later this year and would be completed in four years.

AGE Ventures CEO Arun Gupta said: "This is our third tie up with developers. We have partnered Brigade Group in Bangalore and another builder in Jaipur".

Age Ventures provides expertise in retirement homes and persuaded developers to include senior living in their residential developments. Its knowledge partners are Helpage and UK's leading expert in retirement homes MHA.

Gurgaon-based Silverglades has developed couple of projects in the city and is constructing a 280-acre township in Ludhiana.