Advance India to invest Rs 600 crore to develop premium houses
Mar 23, 2013
Source : The Economic Times


NEW DELHI: Real estate developer Advance India Projects will invest Rs 600 crore to develop around 600 premium residential units over the next 3-4 years in Gurgaon.

"We have earmarked an amount of Rs 600 crore, which is specific to the development of 'The Peaceful Homes' project. This investment entails creating a dedicated resource outlay for the development of the project," Advance India Projects Ltd (AIPL) Executive Director Sanjay Sachdeva told PTI here.

The project 'The Peaceful Homes' is offering flats at a price ranging between Rs 1.3 crore and Rs 2.5 crore.

The planned investment includes the cost of the land for the project, he added.

The company will develop the project in about 16 acres of land. The construction work for developing around 600 housing units will be completed over the next 3-4 years.

On financing the planned investment, the company said it will be primarily done through cash flows from apartment sales to the customers.

"...they (customers) will be assisted with the banks tied up for this project with company," it added.

Elaborating on the projects, the company said 'The Peaceful Homes' will offer 2, 3 and 4-BHK apartments along with penthouses with sizes varying between 1,565 sq ft and 2,925 sq ft.

The starting price of the flats will be around Rs 1.3 crore and it will go up to Rs 2.5 crore, AIPL said.

"With an impetus on developing the residential property to provide a vista of peaceful living to the consumers, the AIPL group seeks to bring in best-in-class feature sets to the property which will set it apart from other development projects in its category," Sachdeva said.

The residential complex will offer various features such as club facilities, library and reading room, aerobics, gymnasium and yoga centre, health facilities and different sporting areas.

Latest Realty News

Delhi NCR sees pick up in home sales in January, Mumbai home sales down
Mar 22, 2013
NEW DELHI: The National Capital Region saw a pick up in home sales in the month of January when compared to the same period last year. Home sales in the Mumbai Metropolitan Region (MMR), though, still dropped in this period, says a report by real estate data analytics and research firm Prop Equity.
Builders cut apartment size and price to perk up demand in dull market
Mar 22, 2013
NEW DELHI/MUMBAI/BANGALORE: Builders have begun to bring down prices to prop up home sales in an abysmally dull market, gladdening the hearts of potential buyers.
Jharkhand amends building plans in rebel areas
Mar 21, 2013
RANCHI: The war between Maoists and security forces has now spilled over into building plans. The former has threatened to blow up all double and multi-storey buildings, forcing the Jharkhand government to amend building plans in rebel-dominated areas.
TDR buyers in income-tax net
Mar 21, 2013
BANGALORE: Preliminary investigation by the income-tax department revealed that some taxpayers have not declared their Transferable Development Rights issued by the BBMP in the tax declarations.
No slowdown in real estate sector, demand coming from tier-II, III towns: DLF
Mar 21, 2013
LUCKNOW: While the country may be going through a slowdown, country's leading real estate player DLF says that it did not feel any such downward pressure. Vice Chairman and MD, DLF, Mohit Gujral said that the demand for residential and to some extent commercial projects was always there and DLF did not feel any effects of the slowdown.
Housing ministry seeks single window clearance for real estate projects
Mar 21, 2013
NEW DELHI: A committee under the housing ministry has recommended a technology-enabled single-window portal for streamlining the process of approvals for real estate projects that may help developers bring down home prices.
9 residential plots unsold at DDA auction
Mar 20, 2013
On the final day of Delhi Development Authority’s (DDA) auction of 28 residential plots, nine plots went unsold.
Indiabulls enters agreement with Doha Bank for NRI deals
Mar 20, 2013
DUBAI: Indiabulls Real Estate Ltd has tied up with Doha Bank to offer its NRI customers exclusive deals on properties in India.
Buildings shorter than 15 m don’t need environmental nod
Mar 20, 2013
NEW DELHI: Faced with enormous delays in getting approvals, Value & Budget Housing Corporation is now adopting a strategy of developing smaller five-acre housing projects that do not require the environment ministry's clearance, thus saving the company at least 12-18 months.
Realty players seek more cuts in RBI rate to boost sector
Mar 20, 2013
NEW DELHI: Real estate players and analysts on Tuesday welcomed the Reserve Bank's move to cut short-term lending rates, but said that more such steps are needed to bring growth back to the sector.

Latest Realty News Of State

Realty Talk's