Renowned real estate developer, Vatika group has recently announced to develop a 224-acre township project in Gurugram with an investment of about Rs 8,000 crores over the next seven years. The project will be constructed under the name ‘Vatika India NEXT2’ and will comprise of 15,000 housing units along with 6.5 million sq ft of commercial space.
According to a company official, all the residential units of the proposed project will be sold under the Pradhan Mantri Awas Yojana (PMAY) so that prospective home buyers become eligible for incentives under Credit Linked Subsidy Scheme (CLSS).
Alok Mehta, Head Product Strategy, Vatika Ltd., said, “Vatika India NEXT 2 is our under-construction township which is spread over 224 acres. It will have a total 15,000 units out of which 2,250 units have been launched and are under-construction,”
He further added that to develop this entire township the company fund around Rs 8,000 crore through equity. It has been expected that the project will be completed by 2025.
Sources said that the company is selling flats in a price range of Rs 7,000-10,000 per sq ft and plots at over Rs 50,000 per sq yard. Presently, Vatika group is developing a 700-acre township ‘Vatika India NEXT’ in Gurugram. The project comprises of 8,000 flats/plots and 3.3 million sq ft of commercial space and is developing with an investment of Rs 6,000 crore.
In 1986, Vatika Group entered the real estate sector with an aim to create spaces that enable you to focus on the things you consider important – whether it is building a business, growing a family, connecting with friends, or simply finding the time and space to pursue your dreams.
The company has delivered 42.3 million sq ft of development till date, which includes 35.7 million sq ft residential and 6.6 million commercial developments.