ATS to build two housing projects at Rs 550 cr

“We are foraying into the Gurgaon real estate market with two group housing projects. The first project,spread over 12.2 acres,will be developed in joint venture with land owner Chintels Group,” ATS Group Managing Director Getamber Anand told reporters here.

ATS would develop the second housing project over 14.59 acres of land,out of which 10.5 acres have already been acquired by the company. This project would be launched early next year.

Asked about the investment,ATS Chief Executive Officer Soumik Bandyopadhyay said the company has invested about Rs 140 crore on land acquisitions and another Rs 400 crore would go towards construction.

On funding the proposed investment,Anand said the financial closure of the projects has been achieved.

“We have raised funds from HDFC Portfolio Management Services for the second housing project,” Anand said,but refused to give further details.

The company has so far delivered 2,150 housing units covering 4 million sq ft and is presently developing 5,300 units in 12 million sq ft of area in Noida,Ghaziabad and Dera Bassi near Chandigarh.