Realty firms set to invest Rs 850 cr in Uttarakhand

New Delhi: Aiming to tap growing opportunities in the Tier-II cities, real estate companies Assotech and Supertech have joined hands to develop a 47 acre integrated township in Uttarakhand at an investment of Rs 850 crore.

The national capital region-based Assotech and Supertech have formed a 50:50 joint venture to develop the ‘Metropolis Cities’ township at Rudrapur. The JV had secured the land from the state government last year through an auction.

“We are developing an integrated township at Rudrapur, which would mainly comprise about 2,000 apartments, a 5-star hotel and about 1.6 lakh sq ft of retail space. The total investment in the project is estimated at Rs 850 crore,” said Assotech Managing Director Sanjeev Srivastva.

The investment would be funded through internal accruals, advances from sales to customers and debts from financial institutions, he added.

The construction of the first phase, consisting of about 500 flats, has already begun and is likely to be completed in 3 years.

The Assotech-Supertech JV has already entered into a management contract with the US-based Carlson Group to run the proposed hotel under the ‘Radisson’ brand. The 5-star hotel is the first in Rudrapur and would contain 120 rooms.

“With Rs 30,000 crore having already been invested in the region, a township with such facilities is definitely a must,” Srivastva said.

Assotech and Supertech are also constructing a 360-acre township in Ghaziabad at an investment of Rs 3,000 crore, along with five other developers.