New Delhi: Realty firm ATS Infrastructure on Monday said it will invest about Rs 600 crore over the next three years to develop a group housing project in Punjab.
The project 'ATS Lifestyle' is spread over 22 acre and is part of company's 300-acres integrated township situated at Dera Bassi near Chandigarh.
"We will develop about 1,000 apartments in this project," ATS Group Managing Director Getamber Anand said.
The project would be developed in two phases, he added.
"The total project cost including land cost would be about Rs 600 crore," Anand said.
The investment would be funded through bank debts and advances from customers.
The company is selling the first phase at about Rs 3,500 per sq ft. The size of the housing units ranges from 1,900 to 2,950 sq ft.
"The construction of the first phase comprising about 500 apartments is undergoing and we expect it to get completed by end of the next year," Anand said.
The company has sold about 60 percent of the first phase, he added.
Anand said the company would soon be launching the second phase, which would also have 500 units, at higher rate. The construction of second phase would be completed by 2016.
Besides this township, ATS Infrastructure is developing real estate projects in Gurgaon, Ghaziabad and Noida.
The company has so far delivered about 5,000 apartments in the NCR and is constructing 2,500 apartments.