3C Company & Orris to develop Rs 2,300cr housing project
New Delhi: Realty firms The 3C Company and Orris Infrastructure on Friday announced joint development of a group housing project in Gurgaon with an expected sales value of Rs 2,300 crore over the next four years.
The 47-acre project 'Greenopolis' would comprise of 2,317 housing units.
Orris Infrastructure, which has 700 acre of land bank in new Gurgaon, would provide land, while development would be done by The 3C Company, which is known for green buildings.
"We have partnered with Orris Infrastructure to enter in Gurgaon market. The project would be developed in two phases. We are launching about 1,700 units in the first phase," The 3C Company Director Vidur Bharadwaj told reporters here.
The 3C Company has roped in private equity firm Red Fort Capital in the project.
Bharadwaj declined to share the revenue sharing between the two partners, but sources said The 3C Company would have 65 percent share while Orris 35 percent.
Asked about investment in the project, Bharadwaj said "the sales realisation in the project is about Rs 2,300 crore". The project has been launched at Rs 5,250 per sq ft and the size of the units varies from 1,200 sq ft to 2,500 sq ft.
On fund invested by Red Fort Capital in this project, he said it has invested about Rs 1,500 crore in various projects of The 3C Company.
The 3C Company is currently developing 35 million sq ft of area in Noida-Greater Noida, while Orris Infrastructure is constructing an integrated township on Yamuna Expressway and commercial projects in Gurgaon.