UEM Constructions, a Malyasian construction company that recently announced entry in the Indian market via a 50:50 joint venture (JV) with Opus Properties of North India, has lined up a township project along National Highway 24, on the Hapur Road side, 25 km from here, that will be spread over 500 acres.
The township, ‘Danat-a-Pearl’, to be built through the newly formed joint venture, UEMC Opus Contracts, will need an investment of Rs 1,500 crore and focus on providing apartments in the middle and lower income group segments. In all 3,368 apartments, 131 villas, 526 plots, 981 independent floors and 182 country homes are planned.
“We are currently concentrating on the medium and low income group, as we see a lot of opportunity in this segment. Our apartments will be priced between Rs 10 lakh and Rs 50 lakh and the project will start by October,” said Rajesh Khursija, Chairman of Opus Properties Ltd.
The apartments will be 600-1,500 sq ft each and the plot sizes vary from 150-1,000 sq yds. The company plans to complete the project in five to seven years, in three phases.
UEM Constructions, which specialises in road activities, is planning enter the Indian market in a big way. “India is a very strategic market for UEM Group and our entry into this market signifies the importance we are giving to India. Our expertise is building roads and we plan to invest significantly in the coming years on many road and infrastructure projects,” said Angeline Kee, General Manager, UEM International Business.
The company is in talks with the Haryana and Uttar Pradesh governments to get contracts for highways and other infrastructure projects.