Realty firm Galaxy group and Sawasdee group will invest more than Rs 1,000 crore to develop a luxury project at Lodhi Road in the national capital.
Noida-based Galaxy group has completed two commercial (office-cum-retail) projects in Greater Noida (West), known as Noida Extension, and is developing many projects in Delhi-NCR.
“We have been allotted three plots totalling 43,345 square metres at Lodhi Road by Rail Land Development Authority (RLDA),” Pradeep Kumar Agrawalla, chairman of both Galaxy and Sawasdee groups, told reporters.
Out of the total land parcels, he said the company would get around 16,000 square metre to develop residential units for sale purpose, while it will have to develop 278 staff quarters for the RLDA on about 27,000 square metres land.
He said the company would develop around 5 lakh square feet of residential properties for sale purpose.
“We have to pay around Rs 350 crore to RLDA in instalments,” Agrawalla said.
He said it would take at least a year to take all approvals for start of the construction works.
Agrawalla said the company has not yet finalised the number of units, size of flats and selling price for this project.
Asked about the investment, Agrawalla said, “the project cost is estimated to be over Rs 1,000 crore for free sale area and 278 staff quarters.”
He said the investments would be funded through internal accruals.
Agrawalla said the company would explore more such redevelopment projects in Delhi-NCR.
He said the demand for Grade-A commercial real estate and luxury residential properties is very strong.
