One Group Developers has been successful in an e-auction held by Haryana Shahari Vikas Pradhikaran (HSVP) for a 3,486.17 square metre plot in Gurgaon.
The New Delhi-based company will pay ₹57.2 crore for the land and will invest another ₹50 crore to develop a residential complex on it, said Udit Jain, its director.
One Group will develop a premium housing project and will use the benefit of transit oriented development (TOD) policy to construct in some extra areas.
“There will be a single tower with two floors of retail and residential units above it,” said Jain. “This will be our first project in Gurgaon, but we have done projects in smaller towns such as Rohtak, Bahadurgarh, Bhiwadi and Punjab. We will soon apply for approvals after making the full payment.”
HSVP has been auctioning residential and commercial plots to real estate developers.
Earlier, One Group Developers had taken over a stalled project of Puma Realtors in Mohali, following the National Company Law Tribunal’s approval of the real estate developer’s resolution plan.
One Group Developers is executing 21 projects across six states. The company focuses on tier-2 cities, which are close to the metro cities.
With land acquisition becoming difficult due to increase in cost and litigation, developers and foreign funds have chosen to invest heavily in land in Delhi-NCR and Mumbai. Between 2018 and 2022, they deployed more than 60% of the funds used in these two cities to buy land holdings, according to international property consultant CBRE.
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