As part of the company's strategy to focus on plotted development, the country's largest realty firm DLF on Tuesday launched 1,300 plots at Indore, expecting a sales realisation of about Rs 300 crore from it.
The company is developing an integrated township, Garden City, spread over 192 acres. In the first phase, it had launched 500 plots and 117 houses, generating Rs 180 crore.
"We consider Indore as an important market for us and we are happy to launch the second phase of Garden City, which is part of integrated township," DLF Managing Director TC Goyal said in a statement.
In the second phase, the company has launched 1,300 plots. It would build two schools, a hospital, three convenience shopping centres and a mall in the township.
Sources said DLF is expecting a sales realisation of about Rs 300 crore from the second phase of the project.
DLF had recently announced that the company would focus more on plotted development in this fiscal as it generates faster cash-flow compared to group housing.
The company plans to launch 12 million sq ft of area this fiscal, out of which 10 million sq ft will be plotted development, while the rest will be group housing projects.
"Product mix skewed towards plotted development in order to reduce execution risks and negate inflationary pressures," DLF had said in a presentation.
Giving detail about the Indore project, the company said it has all approvals and compliances in place, The development work has already started in the second phase II and target date of completion is May 2012.
The company is offering plots in various sizes of 4,000 sq ft, 2,400 sq ft, 2,100 sq ft, 1,800 sq ft, 1,550 sq ft and 1,264 sq ft.
The statement did not mention about the price of the plots.