The foreign direct investment (FDI) funded real estate developer Alpha G:Corp on Friday announced launching of Alpha International City, Amritsar (AICA) the new integrated housing project at Amritsar. Spread over 500 acres, the project that envisages investment of Rs 600-700 crore, would be developed in phases. The company envisages sales realisation of Rs 1,000 crore through AICA, once the project is completed. The company on Friday announced launch of the first phase of the project which encompasses plotted and partly built houses, constructed over 100 acres of land.
AICA is a part of Alpha G:Corp’s Rs 5,000 crore expansion plan to develop commercial, residential and mixed-use development projects in North India over the next five years. SK Sayal, director and CEO, Alpha G:Corp maintained the AICA would be developed on real estate asset management model (REAM). Under this concept, the landowner retains complete ownership of the project, wherein Alpha G:Corp being the asset manager, executes the role of the developer without dilution of the land owner’s ownership.
Apart from integrated housing project in Amritsar, the company has 30 million square feet area under development. Sayal said in future the company has a string of project investments aggregating to about Rs 450 crore in various other cities across Punjab, including an industrial park in Amritsar and an integrated township in Ludhiana.
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