Real estate developer Ganga Realty on Monday said it will invest more than Rs 1,000 crore to develop a luxury housing project in Gurugram, Haryana.
The company will build 302 apartments in this project 'Nandaka 84', which is spread over 8.33 acres, Ganga Realty said in a statement.
The housing project will be completed by 2028.
Vikas Garg, Joint Managing Director, Ganga Realty, said the investment of over Rs 1,000 crore will be funded through internal accruals.
The prices of the apartments and penthouses start from Rs 4.05 crore onwards.
In March this year, Ganga Realty had announced investments of Rs 750 crore to build an affordable housing project in Gurugram.
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The company is developing 2,972 apartments in its project 'Tathastu', which is spread over 22 acres in Sector 5, Sohna-Gurugram. The price of the apartment starts from Rs 25 lakh.
The demand for luxury homes have risen in Gurugram in the last two and half years.
To tap this demand, many real estate developers are developing luxury housing in Gurugram.
DLF Ltd will launch two luxury housing projects worth Rs 15,000 crore in Gurugram during the second half of this financial year.
Mumbai-based Oberoi Realty has recently bought land in Gurugram to develop an ultra-luxury housing project.
According to real estate consultants, Delhi-NCR has witnessed a two-fold jump in sales of luxury homes priced above Rs 1.5 crore to 13,630 units in January-September this year on better demand and supply.
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As many as 6,210 luxury homes were sold during January-September last year.
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