GTM Builders to invest Rs 250 cr on two realty projects

NEW DELHI: Real estate firm GTM Builders and Promoters today said it will invest Rs 250 crore over the next three years to develop two projects and announced signing of cricketer Harbhajan Singh as its brand ambassador.

The company would develop a housing project 'GTM Greens', comprising 750 units at Sonepat in Haryana, while a shopping mall-cum-hotel project at Dehradun in Uttarakhand.

"The investment, including land cost, in the housing project would be Rs 150 crore and Rs 100 crore on commercial project," company's Chief Executive officer Neeraj Aggarwal told reporters here.

The project cost would be met through internal accruals and advances from customers, he said, adding that construction works on both these projects would start in six months.

For the housing project, GTM has entered into a marketing tie-up with DHFL Property Services Ltd.

"We have got an exclusive right to sell 500 housing units in this project," DHFL Property Services Ltd Business Head Satish Kulkarni said, adding that group company Dewan Housing Finance Corporation Ltd (DHFL) will give home loan to buyers.

Aggarwal of GTM said that the housing project has been launched at Rs 1,499 per sq ft. In Dehradun, the company would build a shopping mall covering 3,50,000 sq ft and a budget hotel having 104 keys.

Besides real estate, GTM Group is engaged in jewellery and music businesses.