New Delhi, Aug 6 - Noida-based green building developer 3C Company Thursday announced the launch of a Rs.1,550-crore green residential project in the national capital region.

Called Lotus Boulevard, the project will be funded by realty private equity firm Red Fort Capital, which in return will acquire 50 percent stake in the project. Red Fort Capital has already invested Rs.150 crore ($30 million) in the project.

'The project will be developed in various phases. The first phase would be ready for occupancy in the next 21 months,' said Brijesh Bhanote, senior vice president of sales and marketing.

'The first phase will have around 900 residential units, costing up to Rs.50 lakh. The unit areas range from 987 square feet to 1,820 square feet,' Bhanote told reporters here, adding that the inaugural price would be Rs.2,825 per square feet.

The project, to be located at sector 100 of Noida, has over 80 percent of open space, and has a provision of insulated roofs and walls that substantially reduce heat ingress.

The 3C Company already has two green buildings to its credit - that of Wipro Technologies in Gurgaon and Patni Campus in Noida.