Alphacorp wishes to invest Rs.350 crore to develop Luxury Residential project in Gurugram

Realty firm Alphacorp will invest Rs.350 crore to develop a luxury housing project in Gurugram as part of its expansion strategy, driven by strong consumer demand.

Alphacorp revealed that it has partnered with an entity owning two land parcels of nearly 2.4 acres each in Sector 15, Part 2, Gurugram, but did not disclose the partner’s name.

Santosh Agarwal, the Executive Director and CFO of Alphacorp said, “We will build a total of 200 apartments on these two land parcels.” 

On one of the 2.38-acre parcels, the company has introduced the luxury high-rise project ‘Alphacorp SKY1,’ featuring 100 units priced at Rs.5 crore each. The project on the second parcel is set to be launched within the next 2-3 months.

Regarding the project cost, Agarwal stated that the total investment is projected to be Rs.350 crore, excluding the cost of land. He also mentioned that the investment will be financed through internal accruals and, if needed, bank loans.

He also added, "Gurugram, regarded as the Millennium City, exemplifies rapid infrastructure growth and dynamic urban development. This bustling hub attracts a diverse range of residents, businesses, and investors."

According to him, there has been a robust demand for luxury housing in Gurugram over the past two years. Since its inception, Alphacorp has developed integrated townships, luxury condominiums, corporate hubs, retail centers, and industrial parks across the National Capital Region (NCR), Punjab, Uttar Pradesh, and Gujarat.

Agarwal noted that the company has completed approximately 12 projects to date, with six more currently under construction.