Alphacorp eyes Gurugram luxury housing plan for Rs 3.5 bn investment

18 Jul 2024 CW Team

Realty firm Alphacorp is set to invest Rs 3.5 billion in a luxury housing project in Gurugram, in response to strong consumer demand. The company has partnered with an undisclosed entity that owns two land parcels, each approximately 2.4 acres, in Sector 15, Part 2, Gurugram.

Project details - First parcel: On a 2.38-acre plot, Alphacorp has launched a luxury high-rise project, 'Alphacorp SKY1', consisting of 100 units priced at Rs 50 million each. - Second parcel: The project on the second plot will be launched within the next 2-3 months. - Total apartments: 200 across both parcels.

Investment - Total investment: Estimated at Rs 3.5 billion, excluding land costs. - Funding: Through internal accruals and bank loans if necessary.

Insights "Gurugram, known as the Millennium City, exemplifies rapid infrastructure growth and dynamic urban development, attracting a diverse range of residents, businesses, and investors," said Santosh Agarwal, Executive Director and CFO, Alphacorp. He highlighted the strong demand for luxury housing in Gurugram over the past two years.

Portfolio Since its inception, Alphacorp has developed integrated townships, luxurious condominiums, corporate hubs, retail centres, and industrial parks across the National Capital Region (NCR), Punjab, Uttar Pradesh, and Gujarat. The company has completed around 12 projects to date, with six more under construction. (Source: ET)

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