Realty firm Parsvnath Developers Ltd on Tuesday said it would invest about Rs 15 crore to build a luxury housing project at Moradabad in Uttar Pradesh.
Parsvnath is investing approximately Rs 15 crore in the property for which construction has already started and is scheduled to be completed by 2010 end, the company said in a statement.
The project Parsvnath Residency would offer 34 luxury housing units comprising 66,311 sq ft of saleable area.
More : economictimes.indiatimes.com
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We will invest about Rs200 crore in developing this luxury housing complex in NCR and this will be built keeping in mind the global standards Saviour Group Director Sanjay Rastogi said.
The company would fund the project through a mix of debt and equity he said adding: The source of funds for the project is banks and other financial institutions.
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Unitech, the countrys second-largest property developer, recently offered two- and three-bedroom apartments of 1,200 sq ft and 1,500 sq ft respectively at its Uniworld City project at Noida. The company used to usually offer two-bedroom flats of 1,450 sq ft and three-bedroom ones of 1,900 sq ft. With interest rates rising and buyers withdrawing from the market, the company chose to reduce the size of its apartments instead of cutting prices.
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DLF and Parsvnath were the two bidders for our civic centre project near Minto Road, a senior MCD official said.
More : economictimes.indiatimes.com
Ansal API is all set to develop an integrated township spread over 2,500 acres in Dadri district near Greater Noida in the NCR. The total cost of the project will touch Rs.13,000 crore.
This huge project, Megapolis, will offer housing to more than 5 lakh people. Sushil Ansal, chairman of Ansal API, confirms to fund the project through in-house financing, equity contribution from the developers, debts, and dedicated funds.
Mr. Ansal also confirmed that a special purpose vehicle (SPV) will be introduced by the company which will facilitate the promoters to divest equity up to 40% to the investors in the
Leading realty player Parsvnath Developers said it sees no reason to offer lower prices for property on the back of an inflationary phase, which can further surge the costs of housing and commercial establishments.
Debunking the perception that real estate sector is in a slump, the company Chairman Pradeep Jain said it has raised the prices of its properties up to 39 per cent in the last six months on account of rising input costs.
Asked if there is any hope for prices to cool down, Jain said, There is