City-based Metro Builders Limited plans to develop a residential cum commercial complex close to the Kuakhai bridge, about 5 km from the city by the end of 2011.
The entire project entitled the Metro Satellite City Project would be developed in two phases and in the first phase the real estate player will build around 200 duplex homes which are expected to be ready by October this year.
“In the first phase of our project, we will build 200 duplex flats which would be priced in the range of Rs 30-35 lakh per flat. The construction work for 100 out of the proposed 200 flats is almost completed and the remaining 100 flats would be commissioned by October this year”, Mohammed Moquim, managing director, Metro Builders told Business Standard.
While 200 duplex flats would be built over an area of about 10 acres, the remaining 15 acres of the project would be devoted to residential apartments and a commercial complex. The total built-up area of each of these duplex flats would be around 1,600 sq ft.
Metro Builders is investing about Rs 70 crore on the 200 duplex flats while the cost for the residential apartments and the commercial complex is yet to be worked out. The residential apartments would consist of 6-7 storeys and they would be priced at about Rs 2,000 per sq ft.
Construction work on the second phase of the project is expected to take off by October this year and it is scheduled to be completed within two years.