Real estate firm Tulip Infratech will invest Rs 100 crore over the next three years to develop 400 apartments in Gurgaon.
"Seeing the demand for affordable housing project, we are coming up with 400 flats in first phase at Gurgaon-Sohna road. The basic selling price of the three-bedroom apartment has been fixed at Rs 25 lakh," Tulip Infratech Chairman and Managing Director Praveen Jain said.
When asked about the project cost, Jain said the investment will be about Rs 100 crore, including land.
The company has land and the construction cost would be funded through customers advances and debt, he added.
Jain said the project 'Tulip orange' has been launched and the construction work is expected to start by August. The project will be completed within three years.
At present, Tulip Infratech is developing three housing projects, comprising 1,200 apartments, at a total investment of Rs 500 crore. The two projects are located in Gurgaon and Sonepat.
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The company would start delivering the flats in Sonepat, where it has sold 50 per cent of 640 flats, by the end of this year, Jain said.
About Gurgaon projects, he said the mid-income housing project would get completed by the end of next year, but there would be some delay in the premium residential project as only 20 per cent out of 252 apartments has been sold so far due to significant fall in demand for high-end products.