K V Developers to invest up to Rs 300 cr to build 800 flats

NEW DELHI: Realty firm K V Developers will invest up to Rs 300 crore to build 700-800 flats in a group housing project in Greater Noida over the next three years.


The project, which is yet to be launched, will offer the apartments between Rs 30 lakh and Rs 45 lakh.

"This is our first real estate project and we have already acquired the land. The project will entail a total investment of Rs 250-300 crore in the next three years," K V Developers Pvt Ltd Director Aman Agarwal told PTI.

The project will be developed in a 5-acre plot, he added. When asked about the funding of the project, Agarwal said: "The K V Group has a strong balance sheet. So mostly it will be financed through internal accruals, but we will raise some amount of debt also. We are talking to some banks now."

The project will house 2-, 3- and 4-BHK apartments and size of the units will vary between 850 sq ft and 1,500 sq ft, he added.

"Depending upon the size and location of the flat, the prices will start from Rs 30 lakh and it will go up to Rs 45 lakh," Agarwal said.

Asked about the construction work, he said the company is in the process of getting approvals from authorities concerned to start development of the project.

"We are expecting to begin the construction from August- September. The project will be completed in three years," he added.

K V Developers has already roped in architect C P Kukreja Associates for designing the mid-income group housing project.
Talking about its future projects, Agarwal said: "We are looking for new projects in the National Capital Region only. Our future housing projects are likely to be in the premium and luxury segment."

The company is in advanced stages of negotiations at present to acquire 25 acres of land each in Noida and Gurgaon, he added.
Besides K V Developers, the K V Group of companies include K V Aromatics Pvt Ltd and K V Buildestate LLP.

The Group, engaged in mint and money lending businesses, achieved a total turnover of Rs 460 crore in 2012-13 and is looking to increase it to Rs 1,000 crore during the current financial year.