Paramount Group to invest Rs 1,100 cr in three projects

Paramount Group to invest Rs 1,100 cr in three projects
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First Published: Mon, May 12 2008. 11 34 AM IST
Updated: Mon, May 12 2008. 11 34 AM IST
PTI
New Delhi: National capital-based real estate developer Paramount Group is understood to have decided to invest about Rs1,100 crore in three projects over the next two years.
The company is developing a group housing project - Paramount Symphony - in the upcoming integrated township, Crossings Republik in the national capital region, spread over 360 acres of land.
A company source told PTI that it is likely to invest over Rs730 crore in developing 850 flats in the 8.5-acre project, which is expected to be ready by 2010. It would construct six towers of 22 storeys each.
Paramount Group is one of the partners in ‘Crossings Republik´, which is being developed by seven NCR-based real estate players.
In the township, the company is also developing another 15-storey residential tower, which is likely to be completed at an investment of Rs135 crore.
“Besides, Paramount Group is developing a 100-acre integrated township at Saharanpur, which could entail an investment of about Rs230 crore,” the source said.
The township - Paramount Tulip - would comprise 500 plots and 100 villas and would be handed over to customers in the next 18 months.
“In all the three projects, we are expecting a realisation of Rs1,200 crore within next two years. And it is about 10% of our total investment,” Paramount Group Executive Director Ashani Kumar said.
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First Published: Mon, May 12 2008. 11 34 AM IST