Microtek to invest Rs 500 cr in Gurgaon housing project

New Delhi: Action group realty firm Microtek Infrastructures will invest about Rs 500 crore to develop a housing project in Gurgaon.

Mictrotek Infrastructures, an equal joint venture between Action group and Okaya Power, has awarded Rs 300 crore worth contract to L&T for construction of this housing project spread over 14.6 acres.

"We are developing a housing project in Gurgaon comprising 716 units. The construction of the project has started and we expect to deliver this project early 2017," Microtek Infrastructures Managing Director Ajay Aggarwal said.

The project cost is estimated at Rs 450-500 crore and the same would be funded through internal accruals and bank loans, he said.

Aggarwal said the company has roped in construction major L&T to execute this project.

"The contract with L&T is worth Rs 300 crore. We are using aluminium shuttering technology in this project for smooth structures and durability," he added.

Microtek Infrastructures has huge land bank in north India and is planning to develop more projects in future.

Action group is into various businesses like footwear, chemicals, power back up/inverters and healthcare. Besides Microtek Infra, the Action group has another realty venture 'Sun City Projects'.

Okaya Power is into battery and water purifier businesses.

Source:http://zeenews.india.com/business/realestate/latest-news/microtek-to-invest-rs-500-cr-in-gurgaon-housing-project_115157.html