Trident Realty will invest about Rs 30 billion to build a 200-acre luxury housing township at Panchkula in Haryana as part of its expansion plans, its chairman S K Narvar said.

The firm has acquired this land parcel through the insolvency process and spent around Rs 4 billion to settle the loans of financial institutions. It has also provided plots to around 450 homebuyers stuck in this project.

The Delhi-based company has a presence in the National Capital Region, Mumbai Metropolitan Region (MMR), and is now entering Chandigarh tri-city through this new project.

“We have launched our new luxury residential project Trident Hills in Panchkula. This 200-acre land parcel is located in the foothills of the Shivaliks. We will be developing around 6 million square feet area in this township, including villas, group housing, independent floors and plots,” Narvar said.

The project will be developed over the next seven-eight years. Narvar said the company launched the project last week and has already sold around 300 plots with a sale value of Rs 5 billion.

He said the demand for luxury homes has increased in tier II and III cities on account of rising aspirations.

On other projects, Narvar said the company has already completed a 12-acre project, Trident Embassy, in Noida Extension, comprising 1,400 units.

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