Orris to invest Rs 500 cr in four realty projects
Real estate developer Orris Infrastructure will invest up to Rs 500 crore on four projects, including two townships, in the National Capital Region over the next 5-7 years.
New Delhi: Real estate developer Orris Infrastructure will invest up to Rs 500 crore on four projects, including two townships, in the National Capital Region over the next 5-7 years.
"We are planning to expand our business aggressively in the next decade. As part of that strategy, we have planned about 10 new projects in the NCR in the next 5-7 years," Orris Infrastructure Managing Director Amit Gupta told reporters.
The company has planned to develop two group housing projects, two integrated townships and four hotels, besides one golf project and a school building, he added.
Gupta said all the above projects will be launched within the next 2-3 years and completed in the next 5-7 years.
"All the projects have not been finalised yet. We have fixed the group housing and the township projects so far. These four projects could entail a combined construction cost of Rs 400-Rs 500 crore," he said.
The two group housing projects have been planned in 10 acres of land each in Gurgaon and will offer a total of about 1,000 apartments in different sizes, he added.
On the proposed two townships, Gupta said: "Each township will be developed in 100 acres of land in Gurgaon and Greater Noida. We will develop it in phases. In the first phase, we will sell only plots."
He, however, said the total number of housing units have not been fixed as the complete planning of the projects are yet to be over.
The company already has a land bank of about 1,200 acres in NCR and it will develop these projects on these areas.
When asked about the source of funding for the four residential projects, Gupta said: "All the investments will come through internal accruals and sales revenue."
In addition, the company is also planning to develop four hotels, comprising a total of 600-700 rooms. These hotels will be in Gurgaon and Greater Noida.
"We have not finalised the planning for the hospitality projects yet but these will offer a total of 600-700 rooms," Gupta said, adding the company is talking to "some" global players for a management tie-up for the hotels.
Besides all these projects, Orris Infrastructure will also develop a golf course and a school building in Gurgaon.
"Our plan is to become a billion dollar (about Rs 5,000 crore) company in the next 5-7 years. To achieve this target, we will aggressively launch many projects in coming years," Gupta said, adding the current revenue of the company stands at around Rs 500 crore.