DELHI: Avalon Group today said it will invest about Rs 370 crore over the next three years to develop a housing project in Bhiwadi, Rajasthan.The 18-acre project 'Avalon Rosewood' is the company's seventh housing project in the city.
We have launched a housing project in Bhiwadi where we will construct 1,350 apartments. The project cost is Rs 370 crore including land, construction and other expenses," Avalon Director Ajay Singal said.
The company has launched the project at Rs 2,625 per sq ft, he said, adding, the total saleable area in this project would be 20 lakh sq ft.
The investment will be funded through internal accruals and advances from customers, said Singal, adding, the construction of the project would start in a couple of months and will be completed over the next three years.Avalon Group is constructing over 4,500 apartments in six projects at Bhiwadi.
"We have given possession of about 700 flats and the rest will be delivered in the next 2-3 years," he said.
Asked about the Bhiwadi property market, Singal said there is good demand from end-users and investors because of affordable ticket size and presence of big and small industries.
"With prices in NCR region going out of reach of middle class, salaried individuals on the lookout for investment opportunities in the range of Rs 12-40 lakh, are able to meet their budget in Bhiwadi-Dharuhera," Avalon Director Ajay Aggarwal said.
Besides Bhiwadi, Avalon Group has projects in Dharuhera and Vrindavan. The company also plans to enter into Gurgaon market.