Trident Realty to invest Rs 30 bn in Panchkula township

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. See also: Uttar Pradesh to construct 860,000 houses under PMAYNavi Mumbai: Plot sold for record Rs 554,000 per sq m