Avalon to invest Rs 400 cr on four housing projects
New Delhi: Realty company Avalon Group will invest about Rs 400 crore over the next three years to develop four housing projects in North India.
The Gurgaon-based company is coming up with these four projects, comprising nearly 3,000 apartments, at Bhiwadi, Dharuhera and Vrindavan.
"We have launched a housing project at Dharuhera having 800 units. We have also roped in Karishma Kapoor as our brand ambassador," Avalon Director Ajay Singal said.
Avalon Group is developing two housing projects at Bhiwadi and one at Vrindavan that together have about 2,100 apartments. The company is offering these flats in a price range of Rs 10-40 lakh.
Asked about investment on these four projects, Singal said: "The total project cost will be around Rs 400 crore, which includes land cost".
The company would fund the investment through internal accruals and advances from customers, director Ankit Aggarwal said.
Avalon Group has completed one housing project at Bhiwadi and has started delivering the other housing project in the same city in phases. Both projects have about 1,200 units.
Talking about expansion, Aggarwal said the company has 200 acres of land bank in Rajasthan and Haryana for future developments.