Tata Housing launches Rs 350 cr housing project in Gurgaon

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New Delhi, Aug 7 (UNI) Tata Housing and Raheja Developers today jointly announced the launch of a housing project in Gurgaon with a total investment of Rs 350 crore.

''The project 'Raising Residency', spread over 11.37 acres, will be developed in a 50:50 venture with a total investment of Rs 350 crore,'' Tata Housing Development Company Ltd Managing Director Brotin Banerjee told reporters here.

The project includes 340 units of three, four and five-bedroom apartments, duplexes and penthouses.

Asked if the company expected good sales amid a slowdown in the realty sector, Mr Banerjee said, ''we have already sold over 100 units through word of mouth. We are confident that we will be able to sell the rest in another six months' time.'' The cost of the houses will be about Rs 6,000 per sq feet.

Tata Housing is currently developing about two lakh sq ft area.

''We would like to develop houses in the low-income (Rs 10-15 lakh) group and are evaluating the plan. But for this to work, government plays a crucial role, especially as steel and cost of construction have gone up drastically,'' Mr Banerjee said.

Raisina Residency has nine towers and has been designed by renowned architecture group--Aedas.

UNI SR MP ND1714

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