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Vascon to invest Rs 165 crore for realty projects

27th November, 2008

Business Standard

Vascon to invest Rs 165 crore for realty projects
Business Standard
BS Reporter / Mumbai/ Pune November 27, 2008, 0:14 IST
Real estate group Vascon Engineers will invest Rs 165 crore in a high-end residential and commercial complex over next 18 months. Despite of the slump in India’s real-estate sector, the company believes, it would sell the entire project spread over 18 acres during the construction phase itself.
Vascon Engineers, which has completed major real estate projects in cities like Pune, Ahmedabad and Bangalore, plans to attract the flat-buyer segment that is not hit by the global economic recession. "There are a large number of flat buyers who look at these flats as investment opportunities or for whom, luxury is an important aspect. We have successfully sold more than 65 per cent of flat even before the formal launch," said R Vasudevan, managing director, Vascon Engineers.
The firm is promoting "Willows" as an ecological project with special focus given on recycling of water and organic substances. In addition, every apartment in this project will have a garden area incorporated within the design.
"We are necessarily into high-end residential and commercial apartments and this segment is growing despite of the slowdown. We intend to complete this project within 18 months," Vasudevan added.
The flats would be of 2,500 square foot to 6,000 square foot area with a price tag of Rs 1.50 crore and above.
The commercial complex titled Eco-Tower will have a built-up area of 80,000 square foot and will also be ready in 18 months. The investment for the residential project would be Rs 100 crore while the commercial complex will see investments up to Rs 65 crore, he added.

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