Experion to invest Rs 500 cr in 5 yrs on housing project at Lucknow
FDI-funded realty firm Experion Developers will invest about Rs 500 crore over the next five years to develop a housing project at Lucknow in Uttar Pradesh.
Experion Developers, which is currently developing two housing projects, a 100-acre township and one commercial project in Gurgaon, is in talks with other builders for the development of projects in joint venture in cities like Noida and Greater Noida, its CEO Rakesh Kaul said.
The Gurgaon-based firm is backed by Singapore-based Experion Holdings, which is the real estate investing arm of the USD 2.5 billion AT Holdings group of companies.
“We have started a new housing project in Lucknow where we will be developing about 360 units in phases,” Kaul told PTI.
When asked about investment, he said the project cost would be around Rs 500 crore over the next five years and the same would be funded through internal accruals. “We are a zero debt company,” Kaul said.
In the first phase, the company is offering units at a basic selling price of Rs 5,500 per sq ft. The project ‘Experion Capital’ is located at Gomti Nagar in Lucknow.
On expansion, he said the company has land parcels in Punjab, Hyderabad, Coimbatore and Goa. “We are also in advanced stage of talks with other builders and land owners to develop projects in Noida, Greater Noida and some other cities,” Kaul said, adding that the company could also look at developing stuck projects.
About existing projects, Kaul said the company has started giving possession in its two housing projects and one township on Dwarka Expressway in Gurgaon, comprising about 1,400 flats and 800 plots. It is also constructing a 3.5 lakh sq ft commercial project in Gurgaon.