Realty firm Housing Development and Infrastructure Ltd (HDIL) will invest about Rs 150 crore for the first phase of its upcoming affordable housing project at Virar in Mumbai.
The project, which is spread over an area of 550 acres, would be launched next month.
HDIL, in a statement said, the company will launch two mega projects in Virar (East) and Ghatkopar (East).
The company will launch the first phase of its affordable housing project 'Planet HDIL' in Virar this Diwali and another two luxurious projects in Ghatkopar (East) by year-end, the Mumbai-based developer said.
"We are glad to announce our ambitious housing project, Planet HDIL, spread over 550 acre of area. We are proud that HDIL is embarking upon one of the largest affordable housing projects in the country," the company's Vice Chairman & Managing Director Sarang Wadhawan said.
The construction cost of the first phase of the project is about Rs 100-150 crore. The flat configuration will be in a range of 500-600 sq ft at a price of Rs 3,800-4,000 per sq ft, a company spokesman said.
The luxury project at Ghatkopar (East) is a redevelopment project, hence the major cost has already been incurred.
HDIL also said it plans to handover possession of over 1,500 apartments for three of its projects -- Metropolis Residences in Andheri (W), Premier Exotica in Kurla (W) and Residency Park II in Virar.
"The company will continue focus on project execution and keeping debt levels and costs under control," HDIL added.
With a land reserve of 243.99 million sq ft, HDIL has developed over 100 million sq ft of commercial, residential and retail space.
