Lotus Greens to build 4 realty projects; eyes Rs 4,400cr sales
It has acquired 925 acres in Delhi-NCR for real estate projects
Sep 23, 2014
Source : The Economic Times
Lotus Greens Developers

 

NEW DELHI: Real estate firm Lotus Greens Developers today said it will build four new projects in the national capital region with expected sales of Rs 4,400 crore over the next four years.

Lotus Greens, which was founded last year by Nirmal Singh, one of the promoters of another realty firm The 3C, has acquired 925 acres in Delhi-NCR for real estate projects.

Private equity firm Red Fort Capital has invested Rs 365 crore in Lotus Greens' projects and plans to pump in up to Rs 1,000 crore. It had infused Rs 365 crore in form of unsecured non-convertible debentures (NCDs).

"We are coming up with 4 projects at one go in Gurgaon, Noida and Yamuna Expressway comprising over 5,000 apartments. These projects are worth Rs 4,400 crore in terms of sales value," Lotus Greens Vice Chairman P Sahel told reporters.

The company would develop 300 plots and over 1,000 flats in Noida, while another 3,200 flats would come up on Yamuna Expressway.

Lotus Greens would also construct a mixed use project in Noida comprising 300 serviced apartments, a 5-start hotel and 2.5 lakh sq ft office space. In Gurgaon, the company would develop 1,000 flats.

Noida-based Lotus Greens also has plans to develop hospitality, health care and education projects, Sahel said.

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