Developing company Vatika group is expected to invest about Rs 80 billion for building a 224-acre township project in Gurugram over the next seven years. The project, Vatika India Next-2, will build 6.5 million sq ft of commercial space, along with 15,000 apartments.
It is an ongoing township project, wherein 2,250 units have been launched and are under construction. The units coming up in this township will meet area norms set by the Pradhan Mantri Awas Yojana, which will facilitate mid-income group (MIG) buyers to take advantage of incentives under the credit-linked subsidy scheme.
According to reports, the Rs 80-bn financing is expected to come through equity. A major portion of the project is expecting completion by 2025. The group is already handling a 700-acre township, Vatika India Next in Gurugram, with 8,000 flats and 3.3 million sq ft of commercial as part of the project. The cost of the project is reportedly Rs 60 billion. NCR-based Vatika is into the development business of hospitality, real estate, business, centres, facilities management and education.