Realty firm ATS Homekraft will invest Rs 1,300 crore to develop a luxury housing project on Dwarka Expressway, Gurugram as part of its expansion plan amid strong demand for residential properties.
ATS Homekraft, a flagship company of ATS group, has launched a premium residential project 'Sanctuary 105', which is spread over 13 acres and comprises around 700 apartments.
The company has sold around 340 luxury homes in the first phase of this new project for Rs 825 crore.
Udaivir Anand, Managing Director of ATS Homekraft, said the company has launched a new luxury housing project at an affordable rate to target end-users and first-time homebuyers.
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Anand said the company will develop a total of around 750 apartments in this project, which has a built up area of 23 lakh square feet and a saleable area of over 16 lakh square feet.
Asked about investment, he said the project cost is about Rs 1,300 crore including land.
The investment will be met through internal accruals.
Post-COVID, Anand said the Gurugram market has seen many new projects in a price bracket of more than Rs 5 crore per apartment.
"There has been very less supply in price bracket of less than Rs 5 crore per flat. We have tried to address this gap," he said.
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Anand said the company would also develop 1.3 lakh high street retail space within this project.
The construction work has started in this project.
ATS Homekraft is an aspirational housing venture platform of the ATS Group and counts HDFC Capital as an equity partner.
Anand said the ATS Homekraft will be launching more projects this fiscal year to tap strong housing demand across major cities in India.
ATS Homekraft's parent company ATS Group has delivered more than 5 crore (50 million) sq ft till date and has 3 crore sq ft area under development across Delhi-NCR, Punjab and Mumbai markets.
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