Metropolis Landholdings to infuse Rs 30 cr in Amritsar project

Real estate firm Metropolis Landholdings with Expertise India will invest Rs 30 crore into its upcoming project--Metropolis Tower--in Amritsar.

''Metropolis Tower will surely be a very lucrative investment as the state government is planning to infuse Rs 3,150 crore to modernise the city of Amritsar and is also planning to open free trade zone in the city soon,'' Metropolis Landholdings managing director Rajan Gill.

The project, which consists of 55 studio apartments with mall, will be ready in the next 24 months, he added. The studio apartments, which consists of 1, 2 and 3 BHK flats, will cost Rs 4,500 sq ft and the commercial area will cost Rs 8,500 sq ft, Mr Gill said. The company has already sold 28 studio apartments, Mr Singh informed.

He said the company has acquired land for the project and full-fleged construction will begin in another 15 days. Mr Gill said the company will invest Rs 30 crore into the project.

Mr Singh said the company will soon come up with a 200-room five star hotel in Amritsar and also has plans to launch the second phase of Metropolis Tower.

''We are coming with a 200 room five star project--Radisson Amritsar--and are also looking to launch the second phase of Metropolis Tower,'' he said.

The company, however, has no plans of bringing out its public offer, Mr Singh said, adding all the projects will be funded by the promoters.

According to Mr. Siddharth Chaudhary, Director, Expertise India, “Amritsar is the highest international tourist destination in Punjab, also government is planning to open free trade zone in the city soon. So it will be the next booming real estate destination in the country.”

Metropolis Landholdings has also tied up with Expertise India Infrastructure, a real estate company which provides promotion, land banking, NRI investment and corporate solutions to the customers for the project.