Gulshan Homz to invest Rs 900cr on Noida housing project

The construction would start from the next month.

Updated: May 15, 2012, 20:37 PM IST

New Delhi: Real estate developer Gulshan Homz has said it would invest about Rs 900 crore in the next four years on a housing project in Noida.

"We have launched a housing project 'Gulshan Ikebana' in Noida where we will be developing 1,500 three-bed room flats in phases," Gulshan Homz Managing Director Gulshan Nagpal told reporters.

The construction would start from the next month and it would take about four years to complete the entire project.

Asked about the investment, Nagpal said, "The total project cost is estimated at about Rs 900 crore, including Rs 250 crore incurred on 12.5 acre land."

The investment would be funded through internal accruals, advances from customers against sales and bank debts, he said.

The company has launched project at a basic selling price (BSP) of Rs 4,150 per sq ft. The company is offering flats at a starting price of about Rs 56 lakhs.

Gulshan Homz has already completed three projects in Ghaziabad and is developing two projects comprising 2,500 units in Noida.