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New-Delhi based realtor Bayaweaver today announced the launch of a Rs 400 crore vertical housing project in Lucknow.
The primarily affordable housing project on Lucknow-Rae Bareli highway, spread over 7.5 acres of land, will have 14 residential towers, company promoter Amit Mavi told the media here.
He said the total proposed investment of Rs 400 crore, includes the land cost of Rs 80 crore. "The entire project would consist of about 1,000 residential units, including 28 pent houses."
The project would come up in the 250 acres DLF Garden City Township on the outskirts of the Uttar Pradesh capital and share all the common facilities.
The housing units would be priced upwards of Rs 45 lakh for a 2-bedroom flat and going up to Rs 1.25 crore for top-end pent house. It is expected to be completed in three years.
The company has tied up with an Australian firm for technical support and would be using a patented construction technology, which would consist of using prefabricated panels and structures.
"We have done preliminary study of the UP market before launching this project and there is significant demand for affordable and quality housing in the region. Depending upon the success and final completion of the project, we would foray in other cities as well," Mavi added.
Bayaweaver is sister concern of BOP Limited, a brokerage and consulting services firm promoted by Mavi, a first generation entrepreneur.
