Gulshan Group and Ourika Estates have formed a joint venture to develop two premium housing projects in Ghaziabad and Lucknow, involving a planned investment of more than Rs. 7.5 bn. The partnership is expected to create about 1.5 mn sq ft of built-up area across the residential developments.

In the first phase, the companies have acquired land parcels through auctions conducted by the respective development authorities. The Ghaziabad parcel measures 8,750 square metres, while the site in Gomti Nagar Extension, Lucknow, covers 10,328 square metres.

The investment will be made over the development lifecycle of the two projects. The companies said the joint venture would support the expansion of their portfolios in premium and future-ready residential projects across North India.

Gulshan Group promoter Gulshan Nagpal described the partnership as a step towards building a larger portfolio of premium housing developments. Another promoter, Deepak Kapoor, said demand for housing remained strong in major North Indian cities, particularly for developers with established credibility.

Ourika Estates director Prasoon Chauhan said the joint venture had been structured around an initial investment outlay exceeding Rs. 7.5 bn. The companies are also evaluating opportunities in emerging growth corridors across North India. Gulshan Group has developed several housing projects in Delhi-NCR, while Ourika Estates operates in urban centres including Bareilly, Ayodhya, Ghaziabad and Lucknow.

The announcement comes as housing sales in eight major cities declined 6 per cent year-on-year to 91,729 units in the April-June quarter, according to real estate consultant PropTiger. Sales in Delhi-NCR fell 7 per cent annually to 9,352 units from 10,051 units, with buyer caution linked to global uncertainties.