SVP Group eyes Rs 160cr revenue from luxury housing project

NEW DELHI: Realty firm SVP today said it expects a revenue of about Rs 160 crore from a luxury housing project at Ghaziabad, in UP, which is being developed in partnership with Ashiana Homes, over the next 2-3 years.

The company is developing 198 luxury villas in association with Ashiana Homes and these are being offered at a price starting from Rs 80 lakh.

"The project -- Villa Anandam -- will be spread over an area of 12.5 acres and is expected to be ready for possession by 2012. It is likely to fetch us a sales revenue of Rs 160 crore," SVP Group Chairman and Managing Director Vijay Jindal said.

The project will be developed in phases and in the first phase, the company has offered 124 independent units with a built-up area of 1,810 square feet per unit.

The company has already acquired land and construction of the project will be completed at an investment of about Rs 55 crore.

The SVP Group is also investing Rs 140 crore to develop a group housing project at Ghaziabad. The company will construct 600 housing units under the 'Krishna Garden' project, spread over six acres of land at Raj Nagar Extension.