Vipul to develop 290 villas in Gurgaon
The company today officially launched 'TATVAM VILLAS', which is part of 150 acre integrated township on main Sohna Road, Gurgaon.
By PTI |
NEW DELHI: Real estate firm Vipul Ltd plans to invest about Rs 500 crore over next 30 months to develop 290 high-end villas in Gurgaon, spreading over an area of 52 acres.
The company today officially launched 'TATVAM VILLAS', which is part of 150 acre integrated township on main Sohna Road, Gurgaon.
"The total project cost for developing 290 villas will be about Rs 500 crore, which includes the land cost, and we are expecting to achieve a sales value of Rs 750 crore from this project," company's Director Moti S Masand told reporters.
The construction on the project would start from October and is expected to be completed in 30 months.
The size of the villas would range from 288 sq yards to 960 square yards, while the cost would vary from Rs 1.87 crore to Rs five crore for each villa.
"The demand for quality housing is rising, and is further expected to keep rising in India in coming year. With this project, we are planning to take real estate on different platform," the company's Senior General Manager- Sales and Marketing Brijesh Bhanote said.
On the viability of the project, Bhanote said the initial response has been good and within three months it would be completely sold out.
"It is value for money within that range. We are targeting senior executives from corporate world," he said.
The company, which posted a net profit of about Rs nine crore over a turnover of Rs 143 crore in 2005-06, is also currently developing three integrated townships spread over 400 acres, one each in Gurgaon, Faridabad and Ludhiana.
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