Realty firm Vatika group said the company will invest about Rs. 8,000 crore to develop a 224-acre township project in Gurugram over the next seven years.
The company will develop 15,000 housing units and 6.5 million sq ft of commercial space in this township project 'Vatika India NEXT2'.
The units to be sold in this township project would meet area norms laid under the Pradhan Mantri Awas Yojana so that prospective middle income group (MIG) buyers become eligible for incentives under Credit Linked Subsidy Scheme (CLSS).
"Vatika INXT 2 is our under-construction township which is spread over 224 acre. It will have a total 15,000 units out of which 2,250 units have been launched and are under-construction," said Alok Mehta, Head Product Strategy, Vatika Ltd.
The investment to develop this entire township would be around Rs. 8,000 crore which will be funded through equity, he said.
The major part of the township is expected to be completed by 2025, Mehta said. Vatika group is selling flats in a price range of Rs. 7,000-10,000 per sq ft and plots at over Rs. 50,000 per sq yard.
Vatika group is already developing a 700-acre township 'Vatika India NEXT' in Gurugram, comprising 8,000 flats/plots and 3.3 million sq ft of commercial space, with an investment of Rs. 6,000 crore.
Vatika Group is a leading real estate developer in the National Capital Region. The group is engaged in the business of real estate, hospitality, education, business centres and facilities management.
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