SARE Homes to invest Rs 250 crore in Gurgaon project

NEW DELHI: FDI-funded realty firm SARE Homes today said it will invest about Rs 250 crore over the next three years to develop a new housing project in Gurgaon.

SARE Homes, operational in India since 2006, is promoted by London-based Duet group, a global asset and real estate management firm.

"We are coming up with a new sport-centric housing project in Gurgaon spread over 17 acres where we will be developing about 330 housing units," SARE Homes Managing Director Vineet Relia told reporters here.

The company also announced an interest subvention scheme where the buyers need to pay only 10 per cent booking amount and rest on possession.

Asked about investment in the project, Relia said the project cost would be around Rs 250 crore, which would be met through internal accruals and advances from customers.

SARE Homes Managing Director David Walker said the project 'Olympia' would be completed in the next three years.

The Gurgaon-based firm is developing seven townships across the country covering over 30 million sq ft of area. Apart from Gurgaon, SARE Homes has presence in Chennai, Ghaziabad, Amritsar, Indore and New Mumbai.

Its assets in India are valued at Rs 4,100 crore. The company's equity is being held by global institutional investors such as Forum Partners and Goldman Sachs Principal Strategy Asia Ltd.