Paramount to invest Rs 1,100 cr in 3 projects

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New Delhi, May 12: : National capital-based real estate developer Paramount Group is understood to have decided to invest about Rs 1,100 crore in three projects over the next two years.

The company is developing a group housing project - Paramount Symphony - in the upcoming integrated township, Crossings Republik in the national capital region, spread over 360 acres of land.

A company source said that it is likely to invest over Rs 730 crore in developing 850 flats in the 8.5-acre project, which is expected to be ready by 2010. It would construct six towers of 22 storeys each.

Paramount Group is one of the partners in 'Crossings Republik', which is being developed by seven NCR-based real estate players.

In the township, the company is also developing another 15 storey residential tower, which is likely to be completed at an investment of Rs 135 crore.

Besides, Paramount Group is developing a 100-acre integrated township at Saharanpur, which could entail an investment of about Rs 230 crore, the source said.

The township - Paramount Tulip - would comprise 500 plots and 100 villas and would be handed over to customers in the next 18 months.

When contacted, Paramount Group Executive Director Ashani Kumar said: "In all the three projects, we are expecting a realisation of Rs 1,200 crore within next two years. And it is about 10 per cent of our total investment."

Without divulging any detail, Kumar said the company would develop 52 acres of land in 'Crossings Republik' by 2015.

'Paramount Symphony' would consist of two- and three-bed room flats, which would be offered at a rate of Rs 2,300 per sq ft, he added.