GIFT City: Sobha to invest Rs.500 crore on housing project

Moving into the Gujarat property market, Realty firm Sobha Ltd on Monday said it will invest Rs.500 crore on a housing project in GIFT City.

"The company will make an investment of over INR 500 crore towards residential development in Gujarat International Finance Tec-City (GIFT City)," Sobha chairman Ravi Menon said in a statement.

The Bangalore-based firm plans to build nearly 1,000 apartments in the GIFT City which is spread over 886 acres.

"With our investment in GIFT City, Sobha aims to meet the increasing demand for affordable housing while contributing to Prime Minister's vision of Housing for All," J C Sharma, Vice Chairman and MD, said.

GIFT City has so far received investment of over Rs.11,000 crore with allotment of about 16 million sq ft of built up area.

Sobha has completed real estate and contractual projects covering about 88.93 million sq ft. Its ongoing projects aggregate to 41.37 million sq ft of developable area and 28.48 million sq ft of saleable area, and ongoing contractual projects aggregate to 7.17 million sq ft under various stages of construction, the company stated.