New Delhi: Falcon Realty Services today said it will invest Rs300 crore to develop a 35-acre group housing project in Haryana and would offer the apartments to the people at affordable price.
The Gurgaon-based company would construct 5,000 flats of 360 sq ft each at Bawal. Each one-bedroom apartment would carry the price tag of Rs5.5 lakh.
“There is a huge need of housing in the country at an affordable rate. So, we decided to offer housing at Rs5.5 lakh. It is like ‘Nano´ (Tata Motors’ Rs one lakh car) in real estate,” Falcon Realty Services Chief Executive Officer Bhim Yadav said.
“The company would invest Rs300 crore to develop the affordable housing project, which would be completed by first quarter of 2011,” he added.
On the source of funding the project, Yadav said: “About Rs100 crore will be from internal accruals. Another Rs250 crore will be raised from private firms.”
He said that the company would not dilute any stake in the project, but would offer 25% of the total units to them.
Without divulging any detail, Yadav said that the company is in talks with PE firms from the UK and Singapore.
Giving details about the project — Gulmohar Woods, Yadav said that the land has already been acquired at an investment of Rs200 crore.
“The project is strategically located at NH-8. This will be based on energy-efficient technologies and will consist of green buildings,” he said.
“The company plans to develop medicity, knowledge centre and hospitals as part of its expansion in the second phase,” Yadav said.