DELHI: Real estate firm Ramprastha Group today said it will invest Rs 1,000 crore over the next four years to develop two townships in Gurgaon, each spread across 450 acres.
"We are coming up with two large townships in Gurgaon. Both the integrated townships are of about 450 acres each," Ramprastha Group Chief Executive Office Nikhil Jain said.
The township 'Ramprastha City' will comprise row houses, plots, villas, plotted colonies and independent floors.
The townships would have more than 4,000 plots, apart from other infrastructure facilities such as shopping malls, hospitals and schools.
"We launched about 200 plots last week at Rs 66,000 per square yard. The rest will be offered in various phases," Jain said.
Asked about the investment required to develop these townships, he said: "It would be around Rs 1,000 crore, excluding land cost. The investments would be funded through internal accruals".
US-based investment firm Clearwater Capital Partners had invested about Rs 100 crore in one of the townships, he added.
Ramprastha Group has a land bank of about 1,500 acres in Gurgaon, which it plans to develop over the next 10 years. The company also has presence in Ghaziabad, where it has delivered over 10 projects.
"At present, we are focusing on developments in Gurgaon. We are developing 6,000 apartments in seven group housing projects, all in Gurgaon," Jain said.
The company targets to deliver 1,500 units by March 2014 and another 1,000 units by March 2015.
The construction is outsourced but layouts, elevations and designing of projects is done in-house, he said.
"We are in talks with 2-3 global as well as domestic school-chains for the township," Jain said.
At present, the company has an annual turnover of about Rs 600 crore.