New Delhi: A Noida-based real estate firm, Galaxy group, will invest more than ₹1,000 crore to develop a luxury residential project at Lodhi Road in New Delhi under its sub-brand Swasdee India. The group has recently finished two commercial (office-cum-retail) projects in Greater Noida (West), known as Noida Extension, and is developing many projects in Delhi-NCR with its sub-brand Swasdee India.
Chairman of Galaxy group Pradeep Kumar Agrawalla said that the Swasdee group has been allotted three plots, measuring about 43,345 square metres, at Lodhi Road by Rail Land Development Authority (RLDA) for developing residential units.
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“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.” Agrawalla said that the firm would develop around 5 lakh square feet of residential properties for sale purpose.
Against the land parcel, the Swasdee Group would pay a sum of ₹350 crore to RLDA in instalments, said the group chairman, adding that it would take at least a year to take all approvals for launch the construction works.
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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 ₹1,000 crore for free sale area and 278 staff quarters. All 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.
