Faizan Haidar Last Updated: Aug 24, 2021, 10:11 AM IST
NCR-based real estate developer Gulshan Group has formed a joint venture with Jaiprakash Associates Ltd. to complete 418 luxury apartments in Noida, Uttar Pradesh. The projects' construction cost would be Rs 475 crore, and gross sales realization would be Rs 1200 crore.
Jaiprakash Associates and Gulshan will jointly construct 113 apartments in ''Boomerang Residencies'' and 305 flats in ''Kristal Court'' project in Sector 128, Noida.
JAL is a separate entity from Jaypee Infratech, which is into insolvency.
Jaiprakash Associates and Gulshan will jointly construct 113 apartments in ''Boomerang Residencies'' and 305 flats in ''Kristal Court'' project in Sector 128, Noida.
JAL is a separate entity from Jaypee Infratech, which is into insolvency.
“We are excited to get these projects, which will help us get the stuck homes delivered to the buyers. It is our way to help the stuck project see the light of the day,” said Deepak Kapoor, Director, Gulshan Group.
The overall saleable area is 15 lakh square feet, and the investment for project development will be from internal accruals and financial partners. The overall construction and delivery of these apartments is expected to be completed in the next 42 months.
“The country is going through a challenging time, and non-delivery of the project adds to the buyers' worry. We have entered this tie-up to help these buyers get the home of their dreams,” said Yukti Nagpal, Director, Gulshan Group.
The overall saleable area is 15 lakh square feet, and the investment for project development will be from internal accruals and financial partners. The overall construction and delivery of these apartments is expected to be completed in the next 42 months.
“The country is going through a challenging time, and non-delivery of the project adds to the buyers' worry. We have entered this tie-up to help these buyers get the home of their dreams,” said Yukti Nagpal, Director, Gulshan Group.
Recently, the Group had announced offering possession of 1,888 units in Gulshan Botnia (764 units) and Gulshan Bellina (1124 units). The company received the completion certificate for Botnia in July 2021 and for Bellina in June 2021. The company also plans to deliver Gulshan One29 this year around Diwali.
Gulshan group made an overall sales of Rs 133 crore during Q1 2021 (April-June). In the same period last year, the company made sales of Rs 44 crore.
In July 2021, the Group achieved sales of 135.33cr. The Group also aims to have combined sales of INR 415.23 crore from Q2, Q3, and Q4 2021.
https://economictimes.indiatimes.com/industry/services/property-/-cstruction/gulshan-group-to-invest-rs-475-crore-in-a-stuck-project-in-noida/articleshow/85584193.cms
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