Landcraft to invest $250 Mn in realty

By siliconindia   |   Wednesday, 20 February 2008, 20:30 IST
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New Delhi: With a view to develop a group housing project and an integrated township in the city, real estate firm Landcraft Developers plans to invest about $250 million in the next five years. The Ghaziabad based company is part of the $62.5 million Garg Group, which has interests in the field of education, steel trading and publication besides real estate. "While the group housing project is spread over 18 acres, the township is 120 acre project," said Manu Garg, the company Director. The cost for developing these two projects, including those incurred on land, would be close to $250 million and the planned investment would be funded through internal accruals and debt, Garg said. Garg said the group housing project - River Heights - will have 1,000 apartments and the company will invest Rs 150 crore ($37.5 million) to develop this project. The construction of the first phase has already been started and the entire project is expected to get completed by 2010. Township project is named 'Golf Links'. As part of the project, the company is planning to develop 2,500 apartments, villas and a shopping mall spread over eight lakh sq ft. Besides, it will have a three-star hotel with 100 rooms and a sports complex along with a golf course. "The township project cost of the township will be over Rs 800 crore ($200 million)," Garg said. The development work has already started and the first phase, in which the company is offering 1,100 flats.