Harsha to open Rs 285 crore township

Denizens of the holy city of Amritsar are on the threshold of glitzy living. Real estate developers from Delhi and the National Capital Region and their counterparts from other areas are giving shape to modern townships and malls.

After AIPL, Nitishree, etc. another Delhi-based firm Harsha Associates is coming up with a housing project near Verka, Amritsar, spread over 10 acres, with an initial investment of around Rs 285 crore.

The project is one of the mega projects approved by the Punjab government. Besides that, it would also build up a multiplex each in Pathankot and Ferozpur, with an investment of Rs 50 crore and Rs 35 crore, respectively.

Talking to Business Standard, the spokesperson of the company, AK Chatterjee, said, "The housing project in Amritsar will have a residential area, hotel, and malls. Most probably, work on the project will start by August and be completed in three years from the date of commencement."

Chatterjee said the housing project would have a 15-tower building with the prices of flats in the range Rs 20-25 lakh, with all modern amenities.

"The company is coming up with two multiplex at Pathankot and Ferozpur. At Pathankot, we will invest around Rs 50 crore, for the creation of the multiplex, while the multiplex at Ferozpur would be built at Rs 35 crore. Work on five projects is on at Karnal, Greater Noida, and three in Delhi.

In 2005-06 the turnover of the company was about Rs 35 crore, and the firm hopes to touch Rs 100 crore by the end of 2006-07. Experts say builders are keen on Amritsar because of its international airport and SEZ, which is coming up in about 1,100 acres in the city.