New Delhi: Real estate firm Landcraft Developers Ltd plans to invest about Rs1,000 crore in the next five years to develop a group housing project and an integrated township in the city.
The Ghaziabad-based company is part of the Rs250 crore-Garg Group, which has interests in the field of education, steel trading, publication besides real estate.
“We are developing two projects in Ghaziabad - a group housing project spread over 18 acres and a 120 acre-township,” said Manu Grag, the company’s director.
The cost for developing these two projects, including those incurred on land, would be close to Rs1,000 crore, he said, adding that the planned investment would be funded through internal accruals and debt.
Garg said the group housing project, River Heights, would have 1,000 apartments and the company would invest Rs150 crore to develop this project. The construction of the first phase has already been started and the entire project is expected to get completed by 2010 end.
In the township project ‘Golf Links´, the company is planning to develop 2,500 apartments, villas and a shopping mall spread over eight lakh sq ft. Besides, there will also be a 3-star hotel with 100 rooms and a sports complex along with golf course.
“The project cost of the township will be over Rs800 crore,” Garg said. The development work has already started and the first phase, in which the company is offering 1,100 flats, would be over by 2010 end while it would take 4-5 years to develop the entire project.