AlphaCorp to Build Rs. 400 crore Housing Project in Gurgaon

The Financial World, Chandigarh

Realty firm AlphaCorp today said it would develop a group housing project in Gurgaon at an investment of Rs. 400 crore. The company would build 670 housing units on a 12.5 acre land, which is owned by Magnum International.

“The project cost is Rs. 400 crore including land cost,” company’s Director and CEO S K Sayal told reporters. The investment would be largely met through bank debt and advances from customers, he added.

AlphaCorp, which is 60 percent owned by foreign investors including Morgan Stanley, will soon launch this project at an inaugural rate of Rs. 3,400 per sq ft, but the company is looking at a realization of over Rs. 3,800 per sq ft from this project. Morgan Stanley has 14 percent stake in the company. AlphaCorp’s completed developments and upcoming projects encompass an area of more than 40 million sq ft.



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