New Delhi: Real estate developer Kamrup Housing Projects will invest about Rs 220 crore to develop two housing projects in Guwahati and Greater Noida over the next 3-4 years.
"We are developing a housing project in Guwahati. We have already acquired the land and received all necessary approvals from the authorities. It will require us to invest about Rs 100 crore to complete the construction work," Kamrup Housing Projects (KHP) Managing Director Shridev Sharma said.
The seven-acre project--Neelachal Enclave--will house 272 apartments and will be developed over two phases, he added.
"The first phase will be completed within the next 24 months. The second phase will be over in the next 36 months," Sharma said.
As per plans, the company will construct only 3-BHK flats in the project and the size of each unit will be 1,900 sq ft.
"Although we have not decided about the selling prices yet, but it will vary between Rs 2,000 and Rs 2,100 per sq ft. That means the prices of the flats will be Rs 38 lakh to Rs 40 lakh," Sharma said.
The company will launch the project and invite bookings during the forthcoming Bihu festival in April, he added.
Talking about the other project in the National Capital Region, Sharma said KHP is planning to develop a group housing complex spread over an area of 2.5 acres.
"Our plan is to construct 120 housing units. We are also thinking to offer 10-12 penthouses in the project," he said.
The company will start construction work of the project--Doorva Greens--in the next six months and will be ready for possession in the next 2-3 years, he added.
When asked about the size of the investment, Sharma said: "The project cost has been estimated at around Rs 120 crore."
He, however, said the selling prices of the housing units have not been fixed yet. The sizes of the flats will be 2,750 sq ft, while the penthouse will be constructed at 5,500 sq ft of spaces.
Sharma said the projects will be funded through internal accruals and sales revenue from customers.
"To complete the initial formalities and ground work in the Guwahati project, we took a loan of Rs 30 crore from HUDCO. We do not have any plan to borrow in the future," he added.