Falcon Realty brings houses at Rs 5.5 lakh; invests Rs 300 cr

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New Delhi, Nov 27 (UNI) Falcon Realty Services Pvt Ltd (FRSPL) today unveiled a real estate project in the National Capital Region (NCR), offering eco-friendly one-bedroom flats at a basic sale price of Rs 5.5 lakh each.

The first phase of the project named Global Eco-City, offering 2,000-2,500 flats, is expected to be completed by the first quarter of 2011 with an investment of Rs 300 crore, company CEO Bhim Yadav told reporters here.

Mr Yadav said the booking for Gulmohar Woods, the first phase of the project, will start in first week of next month at Rs 51,000.

On sources of funding the project, Mr Yadav said about Rs 100 crore will be from internal accruals, while the rest will be raised from other sources.

''We may utilise 25 per cent each of debt and private equity (PE) funds, if needed,'' Mr Yadav said.

He said the company is in talks with PE firms of the UK and Singapore, but did not divulge any further details.

Talking about the project, located on NH-8, he said, ''We have already identified the land and formulated, conceptualised and designed the eco-friendly master planned communities with our diligent team of architects headed by British Principal Architect A Teelock.'' To combat increasing energy costs, the rooftop of the houses will be fitted with solar heating systems. Besides, all walls of the houses will be fashioned to create insulation to keep the home cool in summers and warm in winters, he apprised.

All residents will also have the advantage of getting farm fresh organic fruits and vegetables as the considerable has been devoted to organic farming.

He said the concept of pool up buses will also be introduced to emit less pollution and save costs too. ''Battery operated buses will be running from the Global Eco-City catering to residents' requirements,'' he added.

The company has decided to keep the offering size at 360 sq ft, which is the super-built area, in order to keep the costs under check.

Asked whether amidst the global meltdown banks will be ready to lend for such project, Mr Yadav said, ''Banks are very happy to finance such affordable housing projects as the risk of Non-Performing Assets (NPAs) is lesser in these cases.'' For ensuring easy availability of consumer finances , the company is holding talks with Punjab National Bank, HDFC Bank and Axis bank.

The Gurgaon-based company, which is actively involved in land acquisition and consolidation in the country for over two decades, specialises in conceptualising, formulating designing and executing various real estate projects.

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