Realty firm Infinity group will invest about Rs. 1,000 crore over the next five years to build a residential project at Vrindavan. Kolkata-based firm will develop this project over 40 acre land, located along side the upcoming world's tallest temple 'Vrindavan Chandrodaya Mandir', 700 ft high.
"We are coming up with a residential project at Vrindavan comprising about 2,000 units and 140 villas. The project will be in developed in phases," Infinity Group Chairman & Managing Director Ravindra Chamaria said.
The company has started the development of infrastructure work in this project, he said, adding that the construction contract would be awarded soon. Chamaria said the project cost is estimated at about Rs 1,000 crore and would be funded through internal accruals and advances from customers. In the first phase of the 'Krishna Bhumi' project, the company has launched about 800 apartments at a basic selling price of Rs. 3,500 per sq ft, he said.
The company has already sold all the villas, which were being offered at a starting price of Rs. 1.5 crore, Chamaria said.
Infinity group has so far completed development of 7 million sq ft of IT Parks in Kolkata. It has partnered Godrej Properties for development of 'Godrej Waterside', the largest IT Park in Eastern India with over 1.8 million square feet developed in two phases.
Besides Kolkata, the company is developing various projects at Guwahati (Assam), Vrindavan (Uttar Pradesh) and Ranchi (Jharkand).