Sobha to build new housing project in Gurgaon at Rs. 1,000 cr.

Realty firm Sobha Ltd. has tied up with another realtor Chintels India to develop a group housing project comprising of 1,700 flats in Gurgaon at an estimated cost of Rs. 1,000 crore.

The 39-acre project, which is expected to be launched by end of next month, would be developed in phases over the next 6-7 years, Sobha Ltd. Vice Chairman and MD, J C Sharma said.

'We are coming out with a new group housing project at Gurgaon in partnership with Chintels,' he said, adding that this would be the company's second project in NCR region.

Bengaluru-based Sobha is already developing a luxury villa project named 'International City' on a 150-acre land parcel near Dwarka Expressway in a tie-up with Chintels group and QVC Realty.

Both the partners would be sharing revenues from this project, which is located adjacent to the its existing villas.

'Total saleable area in this project would be over 3 million sq ft,' he said.

Asked about the project cost and launch price, Sharma refused to share the details, but said the product would be introduced at a competitive rate looking at current market condition.

Property market in the Delhi-NCR region is facing a huge demand slowdown, resulting in liquidity crunch to developers and huge delays in execution of projects.


BS