To tap into the demand for luxury homes in Gurugram, Greater Noida in the NCR region, a number of real estate developers have announced big-ticket real estate projects in this region in the month of November. These investors include Signature Global, Oberoi, Ganga Realty, Saya Group, etc.
Real estate major Signature Global will invest nearly Rs 2,500 crore for developing over six million sq. ft. of residential projects in Gurugram in the second half of FY24. The company is pursuing expansion plans in Sector-71, Sector-37D and Sohna, and has acquired land parcels, with plans to launch before March 2024. The company has entered into definitive document to acquire an entity owning 25.14 acres of land in Sector-71, on the Southern Peripheral Road. This will be developed as a mixed-use development project, with housing and commercial units.
The estimated capital expenditure on the project for land and approval procedures is expected to be approx. Rs 750 crore, while the developer will invest Rs 1,200 crore in the construction of the project.
Max Estates, the real estate arm of the Max Group, has successfully launched its first luxury residential development in Delhi NCR which has garnered a pre-formal launch sale of Rs 1,800-plus crore. The construction has begun and is on track for delivery within RERA promised timelines.
Furthermore, the company’s JDA signed for the project at Sector 36A, Gurugram involves a development potential of about 2.4 million sq. ft. and a gross development value of Rs 3,200 crore. Strategically located at the confluence of the expressway, Central Peripheral Road (CPR) and planned Metro Corridor, throught which it ensures connectivity to the business districts of Gurugram as well as to the Airport via Dwarka Expressway.
Oberoi Realty has made a foray outside the Mumbai Metropolitan Region (MMR), by acquiring a 14.8 acre land parcel in Gurugram, Haryana for Rs 597 crore. The Mumbai-based company has acquired the land from Ireo Residences and others.
At full potential, the company’s entitlement in the project is estimated at 2.6 million sq. ft. of floor area ratio. It will develop a luxury group housing project on the land.
The company is currently developing slightly over 10 million sq. ft. of projects in the MMR region, while it has already developed 10 million sq. ft. in the western suburb of Mumbai.
Yamuna Expressway Industrial Development Authority (YEIDA) is planning to develop a new residential sector near the upcoming Jewar Airport. For this purpose, YEIDA has prepared a proposal to acquire 1,100 ha of land and will soon submit it to the district administration. The proposal preparation is expected to be completed by December 2023 or January 2024.
The upcoming residential sector is likely to be named Sector-5. It will be close to the upcoming Noida International Airport and also in proximity to the Yamuna Expressway, which connects Greater Noida with Agra. As per the proposal prepared by YEIDA, 50 percent of the land would be set aside for a scheme of 2,000 residential plots in the new residential Sector-5, which is anticipated to be launched in January-February 2024.
Group housing societies will be developed on the remaining land. Once the land is handed over to the authority, the process of developing the residential sector will commence, where residential plots as well as group housing societies will be developed.
The Saya Group will infuse Rs 4,000 crore in the next three years to fuel the development of its projects in Noida, Greater Noida and Ghaziabad. These include 2.33 million sq. ft. commercial area where it will invest Rs 2,500 crore besides Rs 1,500 crore in luxury high-end residential project in Indirapuram, Ghaziabad.
The firm’s ongoing project, Saya Status is adjacent to the Noida-Greater Expressway, and is slated to be India’s tallest mall and encompasses 1.4 million sq. ft. area. Its possession is anticipated by 2025.
The Group’s notable commercial projects, including Saya Piazza in Jaypee Wish Town and Saya South in Greater Noida West, are nearing completion. The Group has delivered 5.37 million sq. ft. of residential spaces.
Real estate developer Ganga Realty will invest more than Rs 1,000 crore to develop a luxury housing project in Gurugram, Haryana. The company will build 302 apartments in Nandaka project which is spread over 8.33 acres of land. The investment will be funded through internal accruals.
In March, 2023, Ganga Realty announced its intention to build an affordable housing project Tathastu in Gurugram at a cost of Rs 750 crore. The company is developing 2,972 apartments, which is spread over 22 acres in Sector-5, Sohna-Gurugram.