Orris to build 200-acre township in Greater Noida
The township, offering 850 plots, would come up on the Yamuna Expressway.
New Delhi: Realty firm Orris Infrastructure on Wednesday said it will develop a 200-acre integrated township in Greater Noida with an investment of at least Rs 800 crore over the next eight years.
The township would come up on the Yamuna Expressway. In the first phase, the Gurgaon-based firm is offering 850 plots.
"We have launched the township today. It will be developed in phases. Currently, we are offering 850 plots in various sizes," Orris Infrastructure Managing Director Amit Gupta told reporters here.
Asked about project cost, Gupta said the company had bought the land for Rs 700 crore from the authority to be paid over the next eight years.
"We will require another Rs 100 crore for the development commercial space and infrastructure in the township," he said.
Gupta, however, said that the project cost would go up if the company decides to develop group housing and villas in the next phase. "We have not planned for the next phase. It will depend on market demand," he added.
Orris has a land bank of about 1,200 acres in the national capital region (NCR). It had received a private equity investment of Rs 80 crore from Kotak Realty Fund six months back, Gupta said.
Besides this project, Gupta said the company is developing three housing and one commercial project in Gurgaon. It is constructing a 100-acre township in Greater Noida.