Alphacorp to invest Rs 350 crore to develop luxury housing project in Gurugram

Realty firm Alphacorp will invest Rs 350 crore to develop a luxury housing project in Gurugram as part of its expansion plan amid strong consumer demand.

Without divulging the name of the partner, Alphacorp said it has tied up with an entity that owns two land parcels of nearly 2.4 acre each, located in Sector 15, Part 2, Gurugram.

"We will develop a total of 200 apartments on these two land parcels," said Santosh Agarwal, Executive Director and CFO of Alphacorp.

On one parcel of 2.38 acre, the company has launched luxury high-rise project 'Alphacorp SKY1' comprising 100 units. 

The price is Rs 5 crore per unit. The project on the second plot will also be launched in the next 2-3 months.

When asked about the project cost, Agarwal said the total investment is estimated at Rs 350 crore excluding land cost.

He said the investment will be funded through internal accruals and bank loans, if necessary.

"Gurugram, regarded as the Millennium City, exemplifies rapid infrastructure growth and dynamic urban development. This bustling hub attracts a diverse range of residents, businesses, and investors," Agarwal said.

The demand for luxury housing has been very strong in Gurugram in the past two years, he said.

Since its inception, Alphacorp has developed integrated townships, luxurious condominiums, corporate hubs, retail centers, and industrial parks across the National Capital Region (NCR), Punjab, Uttar Pradesh, and Gujarat.Agarwal said the company has developed around 12 projects so far while six projects are being constructed.