SS Group to Invest Rs 1,950 Crore in Developing 4.15 Million sq ft in Gurgaon

SS Group to Invest Rs 1,950 Crore in Developing 4.15 Million sq ft in Gurgaon

Gurgaon-based real estate developer SS Group plans to develop 4.15 million sq ft of low-rise floors, residential societies and commercial space with an investment of Rs 1,950 crore in 2022-23, MD & CEO Ashok Jaunapuria has told ET.

The company, which has delivered 17 million sq ft across 23 projects in Gurgaon so far, expects 30% year-on-year growth in revenue in 2021-22.

“The projects we will launch this year and units from existing projects present a sales opportunity of Rs 3,600 crore. We are coming up with luxury floors, demand for which has gone up in Gurgaon post Covid,” said Jaunapuria.

Housing sales and launches reached a new high in the January-March quarter with the sale of 70,623 units, highest in a quarter since the Covid outbreak, according to a report by Australia’s REA-backed PropTiger.com.

Of the upcoming projects, the company will develop 1,450 units in SS Linden Floors and SS Linden Commercial spread across 2.5 million sq ft. In addition, group housing in New Gurgaon will be developed across1.5 million sq ft and another 150,000 sq ft commercial area will be developed in Sector 49.

“With a huge demand for luxurious residences with large room sizes along with the requirement of independent living, SS Group will continue to develop SS Linden Floors. The company intends to deliver the projects within three years of its launch and has kept a starting price of Rs 1.55 crore,” said Jaunapuria.

PropTiger.com report shows that 70,623 units were sold in Q12022 as compared to 66,176 units sold in Q12021, registering 7% YoYg rowth.

As per ANAROCK Research, overall new housing supply in Delhi-NCR went up by 38% on YoY basis—from 6,750 units in Q1 2021 to nearly 9,300 units in Q1 2022.

Gurgaon saw maximum launches of 7,890 new units in Q1 2022, comprising 85% share of the total new launches in the entire NCR. On a yearly basis, Gurgaon saw a massive jump of over 158% in new supply—from 3,060 units in Q1 2021 to 7,890 units in Q1 2022.

Residential sales in NCR stood at nearly 18,835 units in Q1 2022—the second highest after the Mumbai Metropolitan Region (MMR). On a yearly basis, the sales increased by 124% while as against the previous quarter, they increased by 7%. In Q1 2021, housing sales were seen to be nearly 8,790 units across NCR.

Data trends suggest housing sales in Gurgaon increased by 219% on yearly basis. The sales stood at 2,775 units in Q1 2021 and about 8,850 units in Q1 2022.

Source : ET

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