Saviour Builders to invest Rs200 cr in luxury housing project

Saviour Builders to invest Rs200 cr in luxury housing project
PTI
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First Published: Sun, Nov 02 2008. 10 34 AM IST
Updated: Sun, Nov 02 2008. 10 34 AM IST
New Delhi: Real estate developer Saviour Builders plans to invest up to Rs200 crore to construct a luxury housing complex in Ghaziabad, spread over an area of six acres.
“We will invest about Rs200 crore in developing this luxury housing complex in NCR and this will be built keeping in mind the global standards,” Saviour Group Director Sanjay Rastogi said.
“The company would fund the project through a mix of debt and equity,” he said, adding: “The source of funds for the project is banks and other financial institutions”.
The project, Greenisle, would comprise about 1,000 housing units and the sizes would vary between 1,250 sq ft and 1,800 sq ft.
The complex would be developed over an area of 12 lakh sq ft and would be completed within one year.
‘Greenisle´ would consist of features like swimming pool, health club, golf course, fountain parks, jogging track and spa.
Asked whether the ongoing slowdown in the real estate sector would dampen the company’s future investments, Group Chairman Iqbal Singh Sodhi said: “Everyone wants a piece of land. It is the only sure investment. It can never depreciate like a car or a washing machine. Land will double its value in a fraction of time. Land prices are going up every day.”
The group has so far executed over 10 commercial and residential projects at various locations in the country.
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First Published: Sun, Nov 02 2008. 10 34 AM IST