Group to develop 444 units in Sector 109 in a joint venture with Chintels and 480 units in Sector 104, with investment of Rs 400 crore
ATS group, a Noida-based real estate developer announced its foray into Gurgaon and has acquired two land parcels in the city — about 12.2 acres in Sector 109, and about 10.5 acres in Sector 104, with an investment of about Rs 540 crore.
The group aims to develop 444 units in Sector 109 in a joint venture with Chintels and 480 units in Sector 104. The proposed projects will come in three basic sizes: 1,745 sq ft, 2,095 sq ft and 3,045 sq ft. The first project will be launched in the festive season sometime in October, while the second project will be launched early next year.
Both these lands parcels are along the northern periphery road (NPR) that is proposed to connect Delhi International Airport through Dwarka to National Highway-8. The prices will be in the range of Rs 4,000-6,000 per sq ft.
On launching the project, Getamber Anand, managing director, ATS group said, “This price band will cushion the effect of the 15-20 per cent increase in raw material cost in last two years. The prices are close to the prevailing prices but it’s not in our nature to surrender to the market dynamics due to the quality standards we maintain in all our projects. Also we have in-house construction team, which is seen to be a bigger challenge for all the players in this industry in the times to come.”
The company has made an initial investment of approx Rs 140 crore for acquisition on the land parcels and is likely to invest over Rs 400 crore to develop these projects. The chief architect of the project will be Hafeez Contractor.
On the demand for the project and the importance the Dwarka Expressway, Soumik Bandyopadhyay, chief executive officer, ATS group said, “The area has its own demand and the Dwarka Expressway will be an icing on the cake but we have not developed the project keeping it in mind. We have sold units in Noida without any dealer network but have not decided on the sales channel for the projects.”
The developments will have club houses, swimming pools, extensive green areas, gymnasium, squash courts, billiards room, yoga facilities, jogging tracks.
On the company’s further plans in Gurgaon, Bandyopadhyay said, “We are constantly enhancing our execution capability and aim to develop 10 million sq ft area in Gurgaon over next five years.
