NEW DELHI: Realty firm Ashiana HousingBSE -0.09 % will invest about Rs 750 crore in the next five years to develop four new housing projects in Rajasthan and Jamshedpur. 

The company would construct nearly 4,000 apartments in these projects. 

"Last week, we launched a housing project in Jamshedpur. We will announce two new projects in Jaipur and one in Bhiwadi by June this year," Ashiana Housing Managing Director Vishal Gupta said after unveiling its new corporate identity. 

"As we take Ashiana forward to greater heights in quality, service, size and the number of locations, we feel the need to create a much stronger and differentiated brand," Gupta said. 

Elaborating on the new projects, Gupta said the company would develop 400 flats in Jamshedpur at a project cost of about Rs 75 crore. 

In Jaipur, the company would launch two projects by June where it would construct 2,000 apartments at a total cost of Rs 400 crore. 

Gupta said the company would also launch the first phase of its 50-acre township in Bhiwadi in April. "In first phase, we will develop 1,500 flats. The project cost will be about Rs 280 crore," he added. 

Asked about the source of funding to meet project cost: Gupta said: "Land is already paid and we will meet the construction cost through internal accruals". 

The company has entered Gujarat and West Bengal markets also. It is expecting to launch a housing project at Halol in Gujarat this year in joint venture with land owner. 

The national capital-based firm posted a net profit of Rs 70 crore on a turnover of nearly Rs 250 crore during last fiscal. The company is known for developing retirement resorts for elderly people. During last fiscal, it sold nearly 18 million sq ft of area and constructed about 15 lakh sq ft. 

The company's share prices was up 1.48 per cent to close at Rs 220 on BSE.

source:http://economictimes.indiatimes.com/markets/real-estate/news/realty-firm-ashiana-housing-to-invest-rs-750cr-on-four-new-projects/articleshow/18240376.cms