ATS Infrastructure has bought a 14-acre plot in Gurgaon for Rs 150 crore and will build an upper mid-market residential project, in what would be the builders's first real estate project in the city.
Sources who did not want to be identified said that real estate fund HDFC Portfolio Management Services has part-financed the purchase, putting in Rs 100 crore. The plot is close to the under-construction Dwarka-Manesar expressway in Gurgaon.
"This is our first foray into the Gurgaon market," said Getamber Anand, managing director of ATS Infrastructure who confirmed that the company has bought the land that had all licences for a group housing project but did not confirm if HDFC PMS was the financial partner. GenReal Property Advisors was the transaction advisors for the deal.
The developer can build close to 1.4 million sq ft on the 14-acre plot. Some farmers from whom the seller bought the land originally, will also have to be compensated by ATS.
The developer has also signed a joint development agreement with the Chintels Group for building a group housing project on a 10-acre plot in Sector 106 in the same area of Gurgaon.
The Dwarka-Manesar expressway in Gurgaon, which is also called the northern peripheral road, is seeing a number of new projects being launched. Recently, Bangalore-based Sobha Developers the launched a villa project called Sobha International City in Sector 106, 108 and 109 on the same expressway in Gurgaon.
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