CHD Developers to invest Rs 350 crore in Gurgaon housing project

NEW DELHI: Realty firm CHD Developers today said it would invest Rs 350 crore over the next four years to develop a housing project in Gurgaon.

In July, the company had acquired 12.34 acre of land on Dwarka Expressway for about Rs 100 crore.

"We are launching the project today. We will build 642 apartments. The total investment on this project would be Rs 350 crore, including the land cost," CHD Developers Chief Operating Officer (COO) Ravi Saund told reporters here.

This is the company's second project in Gurgaon, he said, adding that the construction on this project has started and would be completed in the next four years.

The total saleable area in the project would be nearly 12 lakh sq ft.

Besides Gurgaon, the national-capital based company is developing projects at Karnal, Haridawar and Vrindavan.

Many housing projects are coming up on Dwarka Expressway. Sobha Developers, Assotech, Puri Construction, Chintels, ATS and BPTP, among others, are developing housing projects in this area. Earlier this month, Mumbai-based Godrej Properties Ltd launched a housing project on Dwarka Expressway.

CHD Developers had posted a consolidated net profit of Rs 4.89 crore over a turnover of Rs 155.2 crore during 2011-12 fiscal.