Supertech to invest Rs 350 cr on low-cost housing in Gurgaon

New Delhi: Realty firm Supertech Friday said it will invest about Rs 350 crore over the next four years to develop an affordable housing project at Gurgaon that will offer units in a price range of Rs 13-20 lakhs.

It would develop nearly 2,000 flats in the 12-acre housing project and this would be under the Haryana government policy on affordable housing announced in August 2013.

"We are launching an affordable housing project in Sector 79 and 79B in Gurgaon. The project will have 1,976 flats, of which 95 percent would be allotted to public through lucky draw," Supertech Chairman R K Arora told reporters.

The remaining 5 percent would be reserved for management quota. The applications from public will be invited from November 24 till December 24, he added.

Asked about investments, Arora said it would be around Rs 350 crore and the same would be funded through internal accruals.

Giving details about the project, Arora said the size of the flats would be 404 sq ft, 546 sq ft and 592 sq ft carpet area. Nearly 1,750 flats would be of 546 sq ft area.

"The flat will be available with a cost ranging between Rs 12.87 lakh and Rs 20.28 lakh," he said, adding that the price is inclusive of all costs.

The project would be delivered in the next four years and construction would be done using pre-cast technology.

Under the Haryana government policy, he said the developers have been given higher FAR (floor area ratio) of 2.5 as against the normal 1.75. The density norms have also been eased and the EDC (External Development Charge) have been waived-off.

"For the benefit of the buyers, there will be no maintenance charge for 5 years and no escalation charges," Arora said.

Noida (UP) based Supertech is currently developing over 90 million sq ft. The company has presence in Noida, Greater Noida, Gurgaon, Meerut, Moradabad, Haridwar, Rudrapur, Ghaziabad and Bangalore.

Source:http://zeenews.india.com/business/realestate/latest-news/supertech-to-invest-rs-350-cr-on-low-cost-housing-in-gurgaon_112457.html