Galaxy Group Secures RLDA Lease: Lodhi Luxury Project

11 Aug 2023 CW Team

The NCR-based Galaxy Group has leased a land parcel in Lodhi Colony, South Delhi, from the Rail Land Development Authority (RLDA) for Rs 3.56 billion. The developer is expected to invest an additional Rs 10 billion for the development of projects, including flats for railway staff. The entire land area, measuring 43,345.82 sq mt, is divided into three parts: Part A & Part B (Sewa Nagar) and Lodhi Colony. Out of this, 16,058.40 sq mt will be leased for residential development for 99 years.

The balance area will be utilised for the redevelopment of the existing Railway colony. The upcoming development will be in proximity to prime areas such as Lodhi Colony, Chanakyapuri Diplomatic Enclave, and Golf Links. Pradeep Kumar Agrawalla, Director of Galaxy and Sawasdee Group, expressed optimism about the potential for modern construction in Delhi, especially in South Delhi.

The Galaxy Group's initiative aligns with RLDA's key mandates, including commercial development of surplus Railway land, colony redevelopment, station redevelopment, and multi-functional complexes. During the current financial year, RLDA has leased out various sites for a cumulative lease premium of Rs. 16.22 billion, reflecting a growing trend in leveraging railway assets for development.

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