Realty firm Chintels Group will invest over Rs 300 crore over the next five years to develop a housing project at Dwarka Expressway in Gurugram. The company will develop 324 units in the second phase of its housing project ‘Chintels Serenity’.
Under the first phase, it constructed 120 units at a cost of Rs 155 crore.
The completion deadline for the second phase is 2023-end.
Chintels India MD Prashant Solomon said the project cost of the second phase is Rs 307 crore.
“Despite the delays in the construction of Dwarka Expressway, the area is witnessing incremental demand over the years,” said Solomon, who is also treasurer of industry body CREDAI.
Due to proximity to Delhi and Gurugram, the Dwarka Expressway area has a huge potential and would evolve as the next popular residential and commercial hub in Gurgaon the National Capital Region, he said.
Chintels has huge land bank in the Dwarka Expressway area. It has tied up with realty players like Sobha and ATS Group to develop housing projects in this area. With Sobha, it is developing a 168-acre integrated township ‘International City’.