Crescent ParC - An Integrated Township in Amritsar

Published: April 27, 2011 at 8:40 AM | Author: Administrator
News Source: Indian Real Estate News - April 26, 2011

Share

Real estate-centric foreign direct investment (FDI) funds South Asian Real Estate (Sare) and Punjab-based Impact Projects would invest Rs 250 crore to develop an integrated township in Amritsar. The township would be spread over 104 acres and comprise of low rise towers, independent villas and other amenities — security, health care, education, transport, communication and entertainment. Besides Amritsar, Sare is looking at Mullanpur, Mohali, near Jalandhar or Ludhiana in Punjab and Panchkula in Haryana for real estate projects through joint ventures.

Speaking to Business Standard, Sare Chief Operating Officer Vineet Relia said, "The real estate boom is no longer limited to the larger metropolises of India, but has now permeated to the burgeoning smaller towns and cities. Amritsar is one of the most promising destinations for real estate development in Punjab and northern India. Keeping in mind, we have joined hands with Punjab-based Impact Projects to launch 'Crescent ParC'— a integrated township spread in an area of 104 acres in Amritsar. It is targeted towards the middle income group in Punjab." Ashberry Homes is the first phase being launched within Crescent ParC, Amritsar. Spread over an area of 5.1 acres, the project has 276 residential units which include one, two and three bedroom apartments in the Ground+4 and Stilt+ 5 formats.

Infrastructure company B L Kashyap is handling the construction. Located on the by-pass road the project would provide its residents a green environment, water bodies, integrated landscaping and modern amenities like round-the-clock security and uninterrupted power supply. Further, the township would have well-equipped club & community centres. Relia added, "Ashberry Homes will be ready for possession starting December 2011. Construction is on in full swing and the sample flat is ready. We have already sold 186 out of the 276 apartments being built. Besides, we have come up with a special ‘No Pre EMI’ scheme wherein the buyers only make a 15 per cent down payment to book their home and their EMI starts after 2 years — around the time of possession."

On being asked about the other cities in which the company is looking for real estate development, he added, "We will also be looking to expand our presence through joint ventures in Punjab especially in Mohali, Mullanpur, near Jalandhar or Ludhiana and Panchkula in Haryana." The Impact Group has diverse interest in Punjab in the automotive, financing, social and real estate verticals.