After NCR, Falcon Realty sets sights on Bihar

After NCR, Falcon Realty sets sights on Bihar
The Financial Express, December 26, 2009, Page 5

Rajat Guha, New Delhi

Gurgaon-based Falcon Realty Services is planning to build affordable, eco-friendly housing projects in Bihar after having received a positive response in the affordable studio apartment segment in the National Capital Region (NCR), New Delhi. The company targets Patna, Muzaffarpur and Purnia for its projects. Prices will start from Rs 5.5 lakh.

The company has already identified land for these ventures and is holding talks with the state authorities for acquisition of 200 acre for each of the three projects. The estimated cost of the projects is Rs 300 crore.

“We are here to take property development in Bihar to new heights. With this move, Falcon hopes to redefine the state's real estate landscape by offering eco-friendly luxury housing at truly affordable costs,” B Yadav, CEO, Falcon Realty, said. The first phase of the project would be completed by 2010-end, he said, adding Rs 51,000 has been fixed as the booking amount for the flats.

Gulmohar Woods, the first phase of the township project, Global Eco-City, in the NCR is spread over 35 acre and will be completed by early 2011. Of the total 5,000 flats at Gulmohar Woods, around 50% would be available at an affordable price of Rs 5.9 lakh each.