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CHD Developers to pump in Rs2,500cr in property market

CHD Developers to pump in Rs2,500cr in property market
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First Published: Sun, Aug 31 2008. 12 29 PM IST
Updated: Sun, Aug 31 2008. 12 29 PM IST
By PTI
New Delhi: Real estate firm CHD Developers plans to invest about Rs2,500 crore in developing various properties, including residential townships for senior citizens, across north India over the next five years.
“We have identified a number of projects in many northern states, which will be developed in the next five years. For these projects, we have earmarked an investment of about Rs2,500 crore,” CHD Developers chairman and managing director R K Mittal told PTI.
The city-based company is pumping in Rs1,700 crore to develop about 7,000 residential units, named ‘Active Senior Lifestyle Township´, where only people above 60 years of age would be allowed to own property.
“The real life of a person starts at 55 when they are relieved of all worldly duties and can look forward to a soothing and relaxed life. The villas are aimed to provide stress free and stimulating life for elderly people,” Mittal said.
The project would consist of only ground floor villas and would be executed in Karnal, Rishikesh, Neemrana and Mathura. “To start with, we will invest about Rs1,700 crore to develop four townships across north India,” he added.
The firm would offer villas in one, two and three bedroom structures. “The price of the villas will be between Rs27 lakh and Rs76 lakh,” he said.
The first of the townships would come up in Karnal at an area of 100 acres, where the company would build 2,000 units.
“We have already acquired the land and will start the construction by Deepawali this year. It will be completed by 2011 and the estimated project cost for the Karnal township is Rs500 crore,” Mittal said.
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First Published: Sun, Aug 31 2008. 12 29 PM IST