Realty firm Ajnara group on Tuesday said it will invest over Rs 300 crore to develop a housing project in Ghaziabad, Uttar Pradesh.
The company will construct 450 units in this 5.6 acre housing project at Raj Nagar Extension, Ghaziabad. Total saleable area in this project would be 7.85 lakh sq ft residential and 1.25 lakh sq ft commercial.
As housing market is facing multi-year slowdown, there has been a limited launch of new project ahead of festival season as developers are focusing on selling their unsold inventories.
"With all the government clearance in place, we are coming up with a new project - 'Ajnara Fragrance' with an investment of more than Rs 300 crores," Ajnara India CMD Ashok Gupta said in a statement.
The company will meet project cost through internal accruals, he added.
Ajnara's Pramod Gupta said the basic selling price has been fixed at around Rs 2800-3,350 per sq ft.
In about three decades, Ajnara has delivered 64 projects comprising over 25,000 units across Noida, Greater Noida and Ghaziabad. It aims to deliver around 4,000 units in FY 2019-20," Gupta said.
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