Indian real estate to textiles company Shapoorji Pallonji plans to develop a housing project in Gurugram with an estimated commitment of 1,200 crore rupees ($167.6 million).
The housing project, spread over 18-acre land on Dwarka Expressway, will be developed by a $200 million platform established by Shapoorji Pallonji, Asian Development Bank, International Finance Corp. and Actis.
In the first phase of the project, up to 516 flats will come up and will be sold in a price range of $81,026 to $146,685. The total units in the project will be 1,500 in three phases.
The building of the project is expected to be finalized in four-and-half years.