NEW DELHI: Realty firm Amrapali today said it will develop 10,000 affordable homes in Noida Extension for government employees at a cost of Rs 2,000 crore.
The company launched 2,000 flats in the first phase in a price range of Rs 22-30 lakh. It has tied up with property brokerage firm Investor Clinic for marketing of this project.
"We are coming up with an affordable housing project for the serving and retired government employees. About 40 acres land has been set aside for this project in our 100 acres township in Noida Extension," Amrapali Group CMD Anil Sharma told reporters here.
Sharma said the company would develop 10,000 apartments at a cost of Rs 2,000 crore.
The first phase of the project 'Amrapali Adarsh Awas Yojna' has been launched at the basic selling price of Rs 2,280 per sq ft, which is lower than the existing market price in this area.
Size of the flats would be in a range of 975 sq ft to 1,300 sq ft.
Sharma said the company has reduced the profitability and has also passed on some part of the historical appreciation in land prices.
Amrapali Group said it would use pre-cast technology and aluminium work to construct this project and complete it within 36 months with a grace period of six months.
On pricing strategy for the next phases of this project, he said the rates could be slightly higher to offset any rise in construction cost.
Investor Clinic CEO Honey Katiyal said: "It is indeed a very good opportunity for us to promote the technologically advanced project of Amrapali Group who is already a market leader in affordable housing segment."
Noida-based Amrapali group is developing many housing projects in Noida and Greater Noida.