Crossings Infrastructure to pump in Rs 3,000 cr to develop town

New Delhi, June 9 (UNI) Real estate developer, Crossings Infrastructure Pvt Ltd, today said it has obtained the licence from the Ghaziabad Development Authority (GDA) to establish country's first tower town 'Crossings Republik', with an investment of Rs 3,000 crore.

''Planned to cater to a population of one lakh, Crossings Republik would be the country's first 'tower town','' company's Director Sanjeev Srivastava told reporters here.

The town will offer international standard facilities to its residents from schools, hospitals, shopping malls to police station and fire station. Every thing will be there within the town itself, he said.

Mr Srivastava said the unique town will provide world-class facilities to all its residents ranging from the middle class to the upper class.

Located at Indirapuram on the NH-24 at Ghaziabad, Crossings Republik will be developed on 500 acres of land, within five years, he said.

''As we have obtained the licence from GDA, we are looking for the approval of DPR (Detailed Project Report) from the authority, which we hope to get in the next two-and-a-half months,'' he added.

The town, being developed by the private players in the real estate industry, has been designed by a US firm, Sasaki and Associates Inc, Mr Srivastava said.

The prices of the proposed flats will start from Rs 2,000 per square foot while the carpet area will range from 1,200 feet to 20,000 feet and above, he said.

The allotment of property is based on first-come-first-serve basis, for which the registration has already begun, he said, maintaining that the prices settled at registration would not be altered thereafter. The registration can be made by depositing 10 per cent of advance payment for acquiring the property, he said.

Crossings Republik, he said, would be completed in two phases.

''The town on 300 acres will be developed in Phase I, for which 60 per cent of land has been acquired, while the remaining 200 acres will be developed in Phase II.'' Commenting on the towers in the town, Mr Srivastava said, ''In the Phase I we will develop 14-15 storey towers, but in the Phase II we have plans for a 40-storey tower.'' Crossings Infrastructure is promoted by seven builders of Delhi and NCR.

UNI VJ PV/RA VV1951