Prominent player of real estate, Eldeco Group plans to launch a luxury project in Gurgaon with housing units starting at Rs.2.5 croreto Rs.5 crore; May invest around Rs.400 crore on construction. Currently they are maintaining a pipeline of around 10 housing projects in the mid to luxury segment spread across Sonepat, Panipat, Ludhiana, Rudrapur, Noida Extension, Gurgaon, Lucknow, Kanpur, Himachal Pradesh and Rishikesh for which it is investing close to Rs.1000 crore this year.
Chairman and Managing director of Eldeco Group, Pankaj Bajaj, stated, “We are currently active in more than 15 cities including above 10 cities and we want to go deeper into existing markets rather than launching projects in fresh markets across new asset classes.”
In 2023, the company had acquired 8.5 acres of land for Rs.165 crore in Sector 80 Gurugram through an auction held by the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) in Gurgaon. The farm is planning to launch a luxury project whose each unit starts from Rs.2.5 crore to Rs.5 crore.
Pankaj Bajaj said that, few approvals are waiting and after that they will start the construction from April this year. He also added, that the company is expected to invest close to Rs.400 crore on the construction of the project and is expecting Rs.1,000 crore revenue from sales.
In Sonepat, the company has launched 253 villas and plots with sale realization of close to Rs.300 crore. In Panipat, they have launched close to 550 housing units with sale realization of Rs.500 crore. In Ludhiana and Kanpur, they have around 35 acres of land awaiting approvals to launch 250 housing units in each of the cities.
Bajaj said, “Approvals and awaited and we will be launching a project in March’24. We are planning to invest close to Rs.285 Crore on construction and the sales realization is expected to be in the region of Rs.600 Crore.”
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
