Suraaj Group announces Rs 500-cr housing project

Lucknow-based Suraaj Group today announced the launch of ‘Suraaj City’, a Rs 500- crore housing project, on the busy Lucknow-Faizabad highway.

Spread over 15 lakh sq ft, the proposed township would be located in the neighbouring Barabanki district, around 50 km from Lucknow.

“We will raise a loan of around Rs 300 crore from banks for the project, while the rest of the funds would be sourced from internal sources,” CMD of the privately held Suraaj Group N K Singh said here.

The township project would comprise around 1,500 housing units measuring between 800 and 1,000 sq ft with price tags of Rs 5-20 lakh.

 

“The township will also have school, markets and recreational centres for its inhabitants,” he informed. The project is estimated to be completed in two years, when the company would start giving possessions.

“We have already acquired the land for the project and have all the necessary approvals,” he claimed.

Suraaj Group has interests in life insurance, construction, marketing of FMCG products, cosmetics, herbal health products and social services.

“We are planning to launch herbal personal care products soon, besides a media and film division,” Singh added. This division would launch publications, including newspaper and magazine, besides producing films and soaps for the local audience.