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Paramount to invest Rs400 cr on housing project

Paramount to invest Rs400 cr on housing project
PTI
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First Published: Sun, May 09 2010. 01 00 PM IST
Updated: Sun, May 09 2010. 01 00 PM IST
New Delhi: Realty firm Paramount on Sunday said it will invest Rs400 crore to develop a housing project in Noida over the next 30 months.
“We have started construction of the housing project that comprises 1,500 units and it will require Rs400 crore to develop it,” Paramount Group of Companies executive director Ashwani Prakash told PTI. He further said, the funding will be a mix of internal accruals and debt.
The 12-acre project will offer flats ranging between Rs25 lakh and Rs50 lakh, Prakash said, adding “we are expecting a sales revenue of about Rs500 crore from the project, which will be completed within next 30 months.”
On its hospitality project, he said the company is developing a luxury hotel in partnership with Ajnara within the Crossings Republic township in Ghaziabad at an investment of Rs60 crore. It is expected to have 75-10 rooms. “We have tied up with the renowned Clarks Group for managing the five-star hotel,” Prakash said.
“We have also recently acquired land for developing an IT park in a 25-acre land in Greater Noida in association with the Ajnara Group,” he said.
Besides, the company is also scouting for land in the National Capital Region to launch a new residential project. “We are looking for land in NCR and currently negotiating with land owners. Soon we may come out with another residential project in Rs25-50 lakh range,” Prakash said.
Paramount is currently developing a 1,200-unit housing project in the Crossings Republic township, which is being developed by seven realty firms.
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First Published: Sun, May 09 2010. 01 00 PM IST