Logix Group to develop housing project in Noida

News Posted - 2010-02-22

Realty firm Logix Group today said it will invest Rs 1,000 crore to develop a 25-acre residential project in Noida over the next 3-4 years.

The project -- Blossom County -- would comprise 2,500 apartments, which the company will offer at a starting price of Rs 24 lakh. "The project will be developed in three phases and 800 flats in the first phase has already been sold out. We have earmarked a total investment of Rs 1,000 crore for the project," Logix Group Chairman and Managing Director Shakti Nath told reporters here.

The project, housing 2, 3 and 4 BHK apartments, is expected to generate a revenue of Rs 1,200 crore, he added.

Nath said the company would launch another housing project in Gurgaon in the next six months, but declined to give details. Besides, Logix Group is developing an IT/ITeS Special Economic Zone (SEZ) in Noida, comprising 12.5 lakh sq ft of area.

"We have got all necessary approvals for the SEZ and we will start the construction in three months. We will pump in about Rs 250 crore for the SEZ," Nath said.

Nath also said the company is looking to construct a 5-Star hotel in Noida consisting of 350 rooms and the project is expected to be finalised in the next six months.

Noida-based Logix Group has so far developed four million sq ft of IT/ITeS and other office spaces in the National Capital Region. The current net worth of the company stands at about Rs 1,500 crore.

Source: Business Standard 17/2/10