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Ganga Realty acquires land for luxury and affordable housing projects
Ganga Realty, a real estate developer, has acquired 8.35 acres of land in Sector 84, Gurgaon, for ₹132 crore. The company plans to develop a luxury group housing project on the land, which will have a total built-up area of 1.5 million square feet. Of this, 10.5 lakh square feet will be residential and 4.5 lakh square feet will be retail.
The company will invest another ₹750-800 crore to develop the project. Ganga Realty is also planning to invest ₹750 crore in its new affordable housing project, Tathastu, in Gurugram. The project is spread across 22 acres and will consist of approximately 2,972 units. This will be Ganga Realty's first affordable housing project.
Vikas Garg, Joint Managing Director of Ganga Realty, said that the company would develop 1.5 million square feet on the project, of which 10.5 lakh square feet would be residential and 4.5 lakh square feet would be retail. He also said that the company continued to look for land to expand its portfolio in the luxury and affordable housing segments.
Garg added that Sohna was primarily an end-user driven market and hence had always had a sustained level of demand. He said that the improved connectivity would help the sale of the project.
The company plans to develop both projects from internal accruals.
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