Realty firm Alpha G:Corp today said it would develop a group housing project in Gurgaon at an investment of Rs 400 crore.
The company would build 670 housing units on a 12.5 acre land, which is owned by Magnum International.
"The project cost is Rs 400 crore including land cost," company's Director and CEO S K Sayal told reporters.
The investment would be largely met through bank debt and advances from customers, he added.
Alpha G:Corp, which is 60 per cent owned by foreign investors including Morgan Stanley, will soon launch this project at an inaugural rate of Rs 3,400 per sq ft, but the company is looking at a realisation of over Rs 3,800 per sq ft from this project.
Morgan Stanley has 14 per cent stake in the company. Alpha G:Corp's completed developments and upcoming projects encompass an area of more than 40 million sq ft.
The company's business model entails undertaking of projects through acquisition, joint venture development and real estate asset management.
Apart from national capital region (NCR), Alpha G:Corp is developing projects in Punjab, Haryana and Gujarat.
