New Delhi: India's real estate developer Kamrup Housing Projects Pvt Ltd will pump in about Rs 2.2 billion to develop two housing projects in Guwahati and Greater Noida in the next three-four years, Managing Director Shridev Sharma told Press Trust of India.
"We are developing a housing project in Guwahati (capital city of northeastern state Assam). We have already acquired the land and received all necessary approvals from the authorities. It will require us to invest about Rs 100 crore (Rs 1 billion) to complete the construction work," Sharma told the news agency Sunday.
The company had borrowed Rs 300 million from state-run housing and urban infrastructure financier Housing and Urban Development Corp Ltd (HUDCO) to complete the initial formalities and ground work for the Guwahati project, he said.
The proposed project -- Neelachal Enclave, spread over seven acres -- will have 272 apartments and will be built in two phases, he said, adding the first phase will be over in the next 24 months and the second phase will be completed in the next 36 months.
Referring to another project at Greater Noida near New Delhi, Sharma said Kamrup Housing Projects plans to establish a group housing complex, spread over an area of 2.5 acres.
"Our plan is to construct 120 housing units. We are also thinking to offer 10-12 penthouses in the project.... The project cost has been estimated at around Rs 120 crore."
The company will begin construction of the project -- Doorva Greens -- over the next six months and will be ready for possession in the next two-three years.
Kamrup Housing Projects will fund the projects through internal accruals and sales revenue from customers, Sharma added.