Ganga realty has acquired 8.35 acre in sector 84 Gurgaon for Rs 132 crore to develop a luxury group housing project, a senior executive said. The company will invest another Rs 750-800 crore to develop the project.
“We will develop 1.5 million sq ft on this project of which 10.5 lakh sq ft will be residential while 4.5 lakh sq ft will be retail. We continue to look for land to expand our portfolio in luxury and affordable housing segment,” said Vikas Garg, Joint Managing Director, Ganga Realty.
In addition, Ganga Realty will invest Rs 750 crore in its new affordable housing project Tathastu in Gurugram.
The project is spread across 22 acre and will consist of approx 2972 units. This will be Ganga Realty’s first affordable housing project.
“Sohna is primarily an end user driven market and hence have always had a sustained level of demand. The improved connectivity will help the sale of the project,” Garg said.
The company plans to develop project from internal accrual.
Source : ET