Ramprastha to invest Rs 1,000 crore in two townships in Gurgaon
Sep 22, 2013
Source : The Economic Times


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.

Latest Realty News

NRIs keen to invest in real estate in India, says developer
Sep 22, 2013
LONDON/MUMBAI: As a sequel to recent depreciation in the rupee, Non-Resident Indians from around the globe have evinced interest to invest in real estate in India, a Mumbai-based real estate developer has said.
Salaried real estate investors in mess as loan cost pinches
Sep 22, 2013
MUMBAI: The deepening economic slowdown, rising cost of living and low wage revisions, coupled with higher interest rares, are forcing salaried professionals who had earlier invested in properties to put them up for sale, say industry experts.
New land law makes affordable homes a mirage: Analyst
Sep 22, 2013
MUMBAI: Even as the new land law is aimed at providing fair compensation to those whose land is acquired, besides bringing transparency into the real estate sector, it may not be able to realise the dream of offering cheaper homes, according to an industry analyst.
In sign of downturn, Indian retail landlords finally capitulate on price
Sep 21, 2013
MUMBAI: In a capitulation that speaks to the depth of the slump in India's economy, usually tight-fisted retail landlords have become uncharacteristically flexible on rents, as Lacoste India CEO Rajesh Jain knows well.
Greater Noida authority launches industrial plots scheme
Sep 21, 2013
DELHI: The Greater Noida Industrial Development Authority has launched a scheme offering industrial plots of sizes greater than 2,100 square metres.
Festive season offers on the cards
Sep 21, 2013
BANGALORE: The festival season is here. Navarathri begins in October, followed by Dasara and Diwali. The festive season continues till the end of the year. This period is considered auspicious for new projects, including purchase of property. Banks and housing finance companies make best use of this buoyant phase. Banks are expected to launch special schemes during the season. In the festive season, banks witnesses a growth in retail loans.
Disappointed by RBI? Take steps to reduce home loan burden
Sep 21, 2013
MUMBAI: Home loan borrowers are disappointed after the Reserve Bank of India (RBI) hiked the repo rates by 25 basis points (100 bps = 1%) on 20th September. However, financial planners feel it is too early to predict whether banks will increase interest rates on home loans again, as many major banks, including State Bank of India, have raised rates only recently. “This is probably the first time that measures like these (reduction in the MSF rate, with simultaneous increase in repo rates) have b
Perungudi: A good investment option for mid-segment home buyers
Sep 21, 2013
CHENNAI: If you are looking to buy property in the budget range of Rs 60-70 lakh, Perungudi can be the end of your search as the locality offers a number of housing options. With factors like well-built social infrastructure, proximity to IT companies and seamless connectivity, Perungudi comes across as an ideal destination for an end-user. Here’s why:
RBI repo rate hike: Indian realty developers unhappy with Raghuram Rajan, say will impact housing
Sep 21, 2013
DELHI: Expressing disappointment over RBI Governor Raghuram Rajan's decision to hike the key policy rate, real estate developers said this would lead to increase in finance cost and also affect housing demand during the festive season.
Metro boost, new affordable localities keep Chennai real estate active
Sep 21, 2013
CHENNAI: As Chennai eagerly awaits the advent of the city’s Metro rail services, the real estate industry too, watches with bated breath. As the rapid transit services roll out in phase after phase in city after city, both transport corridors and real estate have had a love-hate relationship with each other.

Latest Realty News Of State

Realty Talk's