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Falcon to offer flat at Rs 5.5 lakh

28th November, 2008

Business Standard

Falcon to offer flat at Rs 5.5 lakh
Business Standard
Press Trust Of India / New Delhi November 28, 2008, 0:16 IST
To  invest Rs 300 crore for the project.
Falcon Realty Services today said it will invest Rs 300 crore to develop a 35-acre group housing project in Haryana and would offer the apartments to the people at affordable price.
The Gurgaon-based company would construct 5,000 flats of 360 sq ft each at Bawal. Each one-bedroom apartment would carry the price tag of Rs 5.5 lakh.
“There is a huge need of housing in the country at an affordable rate. So, we decided to offer housing at Rs 5.5 lakh. It is like ‘Nano’ (Tata Motors' Rs one lakh car) in real estate," Falcon Realty Services Chief Executive Officer Bhim Yadav told reporters here.
The company would invest Rs 300 crore to develop the affordable housing project, which would be completed by first quarter of 2011, he added.
On the source of funding the project, Yadav said: “About Rs 100 crore will be from internal accruals. Another Rs 250 crore will be raised from private firms.”
He said the company would not dilute any stake in the project, but would offer 25 per cent of the total units to them.
Without divulging any detail, Yadav said the company "is in talks with PE firms from the UK and Singapore".
Giving details about the project -- Gulmohar Woods-- Yadav said land has already been acquired at an investment of Rs 200 crore.
“The project is strategically located at NH-8. This will be based on energy-efficient technologies and will consist of green buildings,” he said.
The company plans to develop medicity, knowledge centre and hospitals as part of its expansion in the second phase, Yadav said.


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