Realty firm Tulip Infratech will invest Rs 275 crore to develop a luxury housing project in Gurugram, Haryana, in partnership with a local land owner, a top company official said on Wednesday.
The company will construct 780 apartments, including 150 for the economically weaker section (EWS), in this project.
"We have partnered with a local landlord who owns nearly 8 acre land parcel in Gurugram. The company will develop a premium housing project on this land," Tulip Infratech's CMD Parveen Jain said.
Jain, who is also vice-chairman of the National Real Estate Development Council (NAREDCO), did not disclose the name of the local partner.
The construction work will start soon and project would be completed in the next four years. The company has fixed the selling price at Rs 5,100 per sq ft. The price of an apartment starts from Rs 96 lakh.
On investment, Jain said the project cost is estimated at around Rs 275 crore and the same would be funded through internal accruals.
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"We are a zero debt company," he added.
Tulip Infratech has so far completed around 12 projects comprising over 5,000 apartments. It recently started construction of an another project comprising 80 units with an investment of around Rs 45 crore.
On housing market, Jain said the overall demand is subdued, but sales are happening in projects of those developers who have good execution track record.