Realty firm Arihant Group will invest Rs 175 crore over the next three years for developing a housing project in Faridabad.
The national capital-based company would develop 72 units on the 1.65 acres land near Surajkund.
Arihant Group has already completed 5 housing projects in the NCR comprising more than 1,000 apartments and is currently working on a group housing project in Noida Extension (part of Greater Noida) having 1,500 flats.
"We are coming up with a new luxury housing project in Faridabad. The project will have two 12-storey towers having total 72 units," Arihant Managing Director Kaushal Jain told reporters here today.
Arihant would invest about Rs 175 crore to develop this project, he said, adding the company had bought this land in auction for nearly Rs 60 crore.
Investments would be funded through bank debt and sales advances from customers.
"We have got all the necessary approvals from government authorities. The construction will start in the next two months," he added.
The company has fixed the base selling price at Rs 8,000 per sq ft and targeting mainly customers from South Delhi to sell this project. The project will be delivered in June 2017, Jain said.
Arihant Group has more land bank in Noida Extension and would launch one more housing project later this year, he said.
