Sobha sharpens Rs.500 cr housing plan in Gujarat

Announcing its entry into the Gujarat real estate market, Sobha Developers has recently said that it will invest Rs.500 crore on a housing project in the state. It will make the investment towards residential development in Gujarat International Finance Tec-City (GIFT City), chairman Ravi Menon, said in a statement, claiming that the Bangalore-based firm plans to build nearly 1,000 apartments in the GIFT City which is spread over 886 acres. With this investment in GIFT City, Sobha aims to meet the increasing demand for affordable housing while contributing to PM’s vision of Housing for All, said its vice chairman and MD, J C Sharma. The mega GIFT City has so far received investment of over Rs.11,000 crore with allotment of about 16 million sqft of built up area. The builder has so far completed real estate and contractual projects covering about 88.93 million sqft. Its ongoing projects aggregate to 41.37 million sqft of developable area and 28.48 million sqft of saleable area, and ongoing contractual projects aggregate to 7.17 million sqft under various stages of construction, they stated.

Published: 17 April 2018