NEW DELHI, Sept 23: Realty firm AMR Infrastructure has roped in renowned fashion designer Manish Arora to do interiors for its upcoming eight premium housing projects in Greater Noida involving an investment of up to Rs 500 crore.
AMR Infrastructure, which is a part of diversified AMR Group having interests in jewellery, entertainment and security systems, among others, will develop 500-600 apartments in these projects over the next two years.
The prices of these flats will go up to Rs 7 crore.
“We have signed Manish Arora for two years. He will be designing the interiors of our upcoming eight project in Greater Noida. Competition is growing in real estate business, so we thought of giving some special treatment in terms of design to our customers,” AMR Group Managing Director Kapil Aggarwal told.
As part of the contract, AMR will be the principal sponsor for Arora’s collections at the upcoming Paris Fashion Week beginning September 25, while the designer will do the interiors for the developer’s eight new projects.
“We will invest Rs 400-500 crore to develop these projects that will house a total of 500-600 apartments. We already have the land for these,” Aggarwal said.
The sizes of the housing units will vary between 2,000 sq ft and 7,000 sq ft, he added.
“Depending upon the sizes and interiors, the prices of the flats will start from Rs 1 crore and will go up to Rs 7 crore,” Aggarwal said.
When asked about source of funding, he said it will be done through internal accruals and cash flows from bookings.
The company has not launched any of the planned eight projects yet. These will be developed over a period of two years, he said.
Of the proposed projects, ‘Presidential Suits’ will house 20 luxury flats of 5,000 sq ft of size each.
Another property ‘Apartment 55’ will house 55 housing units, Aggarwal said.
AMR Infrastructure currently has a total land bank of 1,500 acres, of which about 1,000 acres are in the National Capital Region. (PTI)
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