The 3C Company raises Rs 85 cr from Kotak Realty Funds


Updated: Sep 03, 2010, 18:41 PM IST

New Delhi: Realty firm The 3C Company on Friday said it will invest about Rs 650 crore in next three years to develop a housing project in Noida and has raised Rs 85 crore from Kotak Realty Funds to partly meet its investment.
"We have launched a affordable housing project 'Lotus Zing' in Noida where the company would develop 2,500 units," The 3C Company Director Vidur Bharadwaj told reporters here.
This is the fourth housing project of the Noida-based firm, which focuses on development of green buildings.
Bharadwaj said the company would invest Rs 650 crore to build this project over the next three years and is expecting a realisation of Rs 850 crore from it.
He also announced that the Kotak Realty Funds has made an investment of Rs 85 crore in this project and could pump in more money in future.
"We have signed the term sheet with Kotak Realty Fund," he said, but did not divulge details about how much stake it is offloading in the project.
Giving further details about the project, he said the company would sell units at a price of Rs 3,150 per sq ft all inclusive. The size of the units starts from 575 sq ft and the largest is 1,415 sq ft.
The company would start the construction of the project by December this year and is targeting to complete it in the next three years.