Chintels India to invest Rs 310 cr on group housing project

NEW DELHI: Realty firm Chintels India today said it will invest about Rs 310 crore over the next three years to develop a residential project that will have over 550 apartments in the National Capital Region.

"This project will be developed in a location next to our ongoing township with Sobha Developers at Gurgaon. We will invest about Rs 205 crore in construction work of this group housing project," Chintels India Joint Managing Director Prashant Solomon told PTI.

The company has already acquired 12.3 acres of land for Rs 103 crore, he added.

The group housing project -- Chintels Serenity -- will house 555 flats, which will be offered between Rs 64 lakh and Rs 1.2 crore. The sizes of the apartments will vary in the range of 1,720-3,200 sq ft.

"We have got all necessary approvals and construction is likely to start from May next year. It will be completed within three years and we are expecting a sales revenue of about Rs 420 crore," Solomon said.

When asked about the source of funding the project, he said it will be done through internal accruals, debt and sales coming from customers.

Chintels India, which has a land bank of about 450 acres, is developing one integrated township and four group housing projects in association with Sobha Developers in Gurgaon.

In 2008, the company had announced plans to invest up to Rs 1,800 crore in six years time in developing various properties in the northern parts of the country as it aimed to achieve Rs 4,000 crore revenue by 2014.