Kolkata: City-based Shristi Infrastructure Development Corporation (SIDC) is investing Rs. 180 crore in its housing project in Mumbai, a top company official said on Friday.
"Shristi Sea View project is our first and major housing project beyond Eastern India. We took over the project from a Mumbai based developer in December 2015 as it was unable to develop it. Our investment for the project would be around Rs. 160-180 crore," said the company's Managing Director Sunil Jha.
The Mumbai based developer had invested Rs. 50-60 crore in the project.
Located near Shivaji Park in Mumbai, the 42 storey apartment complex has only 49 flats with a view of the Arabian Sea and the price for each flat is Rs. 8 crore. The project is expected to be completed by 2018.
"We have already sold 70 percent of the total inventory," Jha said.
"We are exploring opportunities to develop similar projects in Mumbai, Bengaluru and Hyderabad. We are not looking at Delhi as there are many unsold inventories," he said.
The realty company is also developing a township project, spread over 250 acres in Guwahati in Assam.
"We have a revenue-sharing joint venture with land owner for Guwahati project. It was a privately owned tea garden which was closed long before. The township would be built phase wise. In the first phase, the investment is around Rs. 125-150 crore,"said Jha adding that 90 residential villas have been built and 400 apartments will be launched soon in the first phase.
Of the 90 villas, 26 have already been booked, he said.
When completed, the township which is at Khargul Hills extension, along the Brahmaputra, will house 6,000 families.
The developer is set to commission the Westin hotel in Kolkata in November, he said.