Sahara Infrastructure & Housing will be investing around Rs 800 crore in each of its city home projects across 217 cities, for which it has already picked up 20,000 acres.The project would be undertaken in two phases and in the first phase it would cover 102 cities. Sunder Lal, senior advisor Sahara Infrastructure and sales head (Sahara City Homes), said the investment per project in each of the cities would be Rs 600-800 crore exclusive of land cost. This was just the investment in the residential part of the city home project. Most of the land had been acquired. So far, 20,000 acres had been acquired for the different city homes projects and registered in the company's name.The first phase would be completed in 5-6 years' time and the land requirement was likely to be in the region of 13,000 acres. Sahara has received clearances for six cities - Ahmedabad, Gwalior, Lucknow, Chandigarh, Jaipur and Indore. Lal said, 59 applications were awaiting clearances, of which 7-8 were expected to be cleared by August.Commercial development in the projects would account for 4-5% of the total area, or as the state government regulations demand. The commercial development would house hotel, retail, entertainment, hospital and school. Lal said, the size of the projects would vary between 100 and 360 acres.
