New Delhi: Aiming to tap growing opportunities in the tier-II cities, real estate firms Assotech and Supertech have joined hands to develop a 47 acre integrated township in Uttarakhand with an investment of Rs850 crore.
The national capital region (NCR)- based Assotech and Supertech have formed a 50:50 joint venture to develop the ‘Metropolis Cities´ township at Rudrapur. The JV had secured the land from the state government last year through auction.
“We are developing an integrated township at Rudrapur, which would mainly comprise about 2,000 apartments, a 5-star hotel and about 1.6 lakh sq ft of retail space. The total investment in the project is estimated at Rs850 crore,” Assotech Managing Director Sanjeev Srivastva said.
The investment would be funded through internal accruals, advances from sales to customers and debts from financial institutions, he added.
The construction of the first phase of about 500 flats has already begun and is likely to complete in next 3 years.
For hotel operation, Assotech-Supertech JV has already entered into a management contract with US-based Carlson Group to run the hotel under ‘Radisson´ brand. The 5-star hotel is the first in Rudrapur and would comprise 120 rooms.
“With Rs30,000 crore having already been invested by many industries in the region, a township with such facilities is definitely a must in that place,” Srivastva said, adding that being a industrial town the corporate demand for housing was more.
Besides this project, Assotech and Supertech along with five other developers, are constructing a 360-acre township in Ghaziabad at an investment of Rs3,000 crore.