NeoLiv Buys Land for Rs 150 Cr Housing Project

New Delhi, Aug 21 (PTI) Realty firm NeoLiv has acquired a 17.5-acre land in Mumbai region and will invest Rs 150 crore to develop a housing project.

In a statement on Thursday, the company said it has acquired the land at Khopoli in Mumbai Metropolitan Region (MMR) but did not disclose the land cost.

"We will develop a housing project on this land comprising around 180 plots. The total project cost will be Rs 150 crore," NeoLiv founder and CEO Mohit Malhotra said.

The company will also develop villas in this project.

Malhotra said this will be the company's third project.

The company said that Panvel-Khalapur-Khopoli belt is an upcoming location in the MMR because of the improved connectivity.

In June this year, Mumbai-based NeoLiv had announced sale of all 263 plots in its first project 'NeoLiv Grand Park' at Kundli-Sonipat, Haryana, for over Rs 300 crore.

The company had also bought a 12-acre land at Alibaug near Mumbai to develop a luxury housing project with a sales potential of Rs 400 crore.

NeoLiv has been founded by Malhotra (former MD and CEO of Godrej Properties) and industry experts in partnership with wealth management firm 360 ONE.

All NeoLiv projects are backed by a SEBI-regulated AIF Fund, ensuring financial security and timely project completion for customers.