Nila Spaces to invest about Rs 900 cr to develop housing project at Gift City in Gujarat

New Delhi, Sep 22 (PTI) Nila Spaces Ltd will invest around Rs 900 crore to develop a housing project at Gift City near Ahmedabad in Gujarat as part of its expansion plan.

The company has launched a 1.37-acre housing project 'Prana' comprising 696 apartments and around 20,000 sq ft of commercial spaces.

"We have launched our second housing project in Gujarat. We will develop 696 residential units in this project. The total project cost is estimated at Rs 850-900 crore," Nila Spaces CEO Deep Vadodaria told PTI.

The sizes of the apartments range from 360 sq ft to 790 sq ft in terms of carpet area.

The company is selling these apartments in a price range of Rs 87 lakh to Rs 1.8 crore.

Vadodaria said the company has already sold 20 per cent of the inventories as the demand is strong from homebuyers.

Asked about the funding, Vadodaria said, "Given the current sales momentum, external funding may not be required. However, if necessary, we have sanctioned limits in place with Bajaj Finserv." The company, which expects to complete this project in 42 months, is focusing on sustainability and wellness elements in its projects.

"Urban spaces demand a new lens in today's dynamic world-one focused on sustainability, community, and cutting-edge technologies through experiential wellness real estate. Globally, USD 1.5 trillion of wellness real estate will be delivered by 2030, yet India has barely begun," Vadodaria said.

Nila Spaces, which is listed on the stock exchanges, will deliver its first housing project, comprising 496 units, next year.

In the last financial year, the company posted a net profit of Rs 14.67 crore on a total income of Rs 144.38 crore. PTI MJH TRB