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.

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