Gurugram-based real estate firm Ganga Realty will invest Rs 400 crore in its first high-street neighbourhood retail project, Swarnim, at Sector 5, in Sohna, Gurugram. This project will be the company’s second multi-crore venture after the announcement of its affordable housing project in Sohna Road a few months ago.
The project is strategically located at a 20-min distance from the proposed metro station and will also share easy connectivity with IGI Airport and KMP Expressway. It will be primarily a commercial retail development with a total plot area of 2.7 lakh sq-ft.
The project will have around 650 shops with multiple brand and amenity stores. The project will be developed in the vicinity of around 3000 residential units. Over 25,000 families will most likely settle down in the same region in the near future, which promises great prospects of high ROIs for the project. It will also consist of retail shops, banquets, multiplex, and themed restaurants. It is expected that over 200 brands will redefine the project’s retail experience.
The project is based on a 100% lease model where all retail and business suites will be leased to individual investors. Shops will be of double height with exclusive terrace rights. The project will also provide dedicated space for mechanical car parkings.
Vikas Garg, JMD, Ganga Realty, adds, “The funds for construction of the Swarnim project would be met by internal accruals and customer advances which are being planned. Location being a key to successful investment, Swarnim is located at a very close vicinity and in high demand with its location advantage and property appreciation. With deliveries and possessions already in process, we expect a huge population to shift within couple of years in close vicinity. This movement will thus push demand for retail and majorly for retail properties in this region.”
Source : Construction Weekonline