Luxury real estate developer Central Park has acquired a 10-acre land parcel from BPTP for Rs 100 crore.
The realty player, owned by the Bakshi Group, will invest up to Rs 1,000 crore to develop a residential and commercial facility located on the Dwarka Expressway, an upcoming hub near the Delhi airport.
“There is a lot of development coming up on Dwarka Expressway Gurgaon and we will schedule the construction as per the requirements of the region. The proximity to the airport and upcoming convention centre will help the region to attract demand from both investors and end users,” said Amarjit Bakshi, founder, chairman and managing director of the Bakshi Group.
Central Park has 12 million square feet of planned Luxury projects Gurugram, Delhi and Goa.
BPTP has substantial holdings in Gurugram and Faridabad and has been selling land parcels there. It declined to comment on the deal.
Central Park launched its first residential condominium in Gurugram’s Golf Course Road in 2001.
“We will continue to focus on luxury living and serviced apartments, and resort-type living will be part of it,” Bakshi said.
Bakshi Group operates across infrastructure, hospitality, defence, real estate and automotive industries.
Under the Central Park brand, it has upcoming real estate projects in Sohna, in Gurugram.