Nahar Group to spend Rs 150-cr in FY 10 on housing projects

MUMBAI: Real estate developer, Nahar Group, will spend Rs 150 crore in the current fiscal to develop a string of residential projects in the city.

"We have earmarked a capex Rs 150 crore for FY 10. It is part of the Rs 2,000 crore investment that we have earmarked till 2011 for our residential projects. A substantial portion has already been invested in on-going projects," Nahar Group Chairman, Sukhraj Nahar, told reporters here.

"All our funding is from internal accruals. We expect to get back a total of Rs 1,000-crore as sale value," he said.

With a landbank of 100 acres spread across Powai and Mulund in the city, the group intends to focus on residential projects catering to the higher middle-class and corporates.

Designed by renowned architect Hafeez Contractor, the group is currently developing four housing projects near Powai--Yarrow Yucca Winca, Arum Alamanda, Tilia and Tulipia and Miradillis and Mimosa.

"We are also developing a 40-tower residential complex in Mulund called Sarvoday Heights at a cost of Rs 100-crore," Nahar said.

The economic slowdown has made the group bring down prices of its flats by up to 20 per cent to spur demand.