Adani-M2K to invest Rs 1,000 cr on housing project in Gurgaon
Adani Group, a nearly USD 8 billion company primarily engaged in power, coal and logistics businesses, has formed an equal joint venture with M2K to develop the project 'Oyster Grande' spread over 40 acre in Gurgaon near Dwarka Expressway.
"We have projects in Ahmedabad, Mumbai and Kochi. Now we are foraying into the NCR market as it is an important region in the country. Dwarka Expressway is an upcoming destination," Adani Advisory LLP CEO Ameet Desai told reporters here.
Asked about the investment on this project, he said it would be about Rs 1,000 crore including both the phases. The proposed investment would be met through internal accruals, debt and advances from customers.
Giving details about the project, M2K President Vikash Bhagchandka said the JV company is launching 756 flats in the first phase and there would be about 1,500-2,000 units in the entire projects.
"We are launching this project at Rs 6,300/sq ft, which is very competitive considering the quality and specification we are providing," Desai said. The size of the units varies from about 1,600 sq ft to over 7,000 sq ft. The cost of each flat would be in range of about Rs 1-4.5 crore.
On the overall realty business, Desai said the venture is currently contributing less than 5 per cent to the total group turnover.
"We are in build-up phase.
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