Realty firm Amrapali today said it will invest Rs 4,000 crore to develop 12,000 housing units in two projects at Noida over the next three years.
"We have earmarked an investment of Rs 4,000 crore for developing these two housing projects. These projects will be completed in the next three years," Amrapali Group Chairman Anil Kumar Sharma told reporters here.
The two projects -- Smart City and Silicon City -- are being developed in 100 acres and 60 acres of land with investments of Rs 2,150 crore and Rs 1,850 crore, respectively.
Asked about the source of funding, Sharma said: "We usually go for various kind of routes, where our first preference is sales revenue from customers and bank debt. We are also open for raising through FDI route."
The company is currently holding negotiations with some private equity players to raise up to Rs 500 crore, he said, adding "if it materialise, we can dilute 10-15 per cent of our stake in the projects".
Giving details about the projects, Sharma said both the complexes will offer 1, 2, 3 and 4 BHK apartments. While the size of Smart City flats will vary between 540 sq ft and 1,000 sq ft, the apartments in Silicon City will be of 500- 2,350 sq ft.
Sharma said the 5,000 flats in Smart City will be available for Rs 9 lakh onwards and the 7,000 flats in Silicon City will be offered with a starting price of Rs 20 lakh.
