Alphacorp to Invest Rs 350 Crore in Luxury Housing Project in Gurugram

Alphacorp plans to invest Rs 350 crore in a new luxury housing project in Gurugram. The project will be developed on two land parcels in Sector 15, Part 2, and will include 200 apartments. This investment is part of Alphacorp's ongoing expansion amid strong demand for luxury housing in the region.

Realty firm Alphacorp is set to invest Rs 350 crore to develop a luxury housing project in Gurugram, responding to robust consumer demand.

While the identity of the partner has not been disclosed, Alphacorp confirmed a partnership with an entity that owns two land parcels, each spanning nearly 2.4 acres in Sector 15, Part 2, Gurugram.

'We will develop 200 apartments on these two land parcels,' stated Santosh Agarwal, Executive Director and CFO of Alphacorp. The first parcel of 2.38 acres will host the luxury high-rise project 'Alphacorp SKY1,' consisting of 100 units priced at Rs 5 crore each. The second project will be launched within the next 2-3 months.

Agarwal noted the total investment, excluding land costs, is estimated at Rs 350 crore. The funding will come from internal accruals and bank loans, if necessary.

'Gurugram, regarded as the Millennium City, showcases rapid infrastructure growth and dynamic urban development, attracting a diverse range of residents, businesses, and investors,' Agarwal added.

The last two years have seen a strong demand for luxury housing in Gurugram, prompting Alphacorp's expansion efforts. The company has developed numerous integrated townships, luxurious condominiums, corporate hubs, retail centers, and industrial parks across various states, including NCR, Punjab, Uttar Pradesh, and Gujarat. To date, Alphacorp has completed around 12 projects, with six more currently under construction.

(With inputs from agencies.)