New Delhi: Real estate firm 3C Company on Thursday announced launch of Rs1,550 crore residential project in the national capital region, the first phase of which would be completed in the next two years.
The project, Lotus Boulevard, would be funded by real estate private equity firm Red Fort Capital, which has 50% stake in it.
The global equity firm, which has invested $300 million in India, said it has already put in Rs150 crore ($30 million) in the project.
“The total cost of the project would be around Rs1,100 crore and the realization value is around Rs1,550 crore. We will developing the project in phases,” The 3C Company senior vice president (sales and marketing) Brijesh Bhanote said.
He said that the first phase would be ready for occupancy in the next 21 months.
Spread over 40 acres, the project will have up to 3,000 residential units and is likely to be completed in the next five to six years.
“The first phase will have around 900 residential units, costing up to Rs50 lakh. The unit areas range from 987 sq ft to 1,820 sq ft,” he said, adding that that the inaugural price will be Rs2,825 per sq ft.
The company said that the residential complex will be located at Greater Noida and will have various facilities, including business centre, shopping malls and sports complex.