Gulshan Homz said it will invest Rs 400 crore over next three years to develop two housing projects in Noida and Greater Noida, reported PTI. The company will build nearly 1,900 housing units in the two projects. Noida-based Gulshan Homz has launched 768 units in a 5.3 acre housing project 'Gulshan Botnia' on Noida Expressway for about Rs 48 lakh per unit.
In another project named 'Gulshan Bellina' in Greater Noida, also known as Noida Extension, the company is constructing 1,124 housing units on seven acre land. Gulshan Homz Director Deepak Kapoor said the company will invest Rs 400 crore on construction of these two projects. "All investments of the current phase would be met through internal accruals, customer advances and financial institutions," said Kapoor, who is also President, CREDAI - Western UP. He expects market to revive post implementation of the GST and real estate regulatory Act (RERA).
"Both the projects are RERA compliant and all necessary approvals are well in place," Kapoor said, adding that the company targets to deliver the two projects by 2020 as per commitment to customers.
Homz has so far delivered 4,500 units in the Delhi-NCR property market covering 4.3 million sq ft. It is developing about 1,900 units comprising 3.9 million sq ft.