Galaxy Group, a real estate developer based in Noida, plans to undertake a high-end residential venture in South Delhi, with an estimated budget of Rs 1,000 crore, according to company sources.
The opulent apartment complex will be erected on approximately 16,000 square meters of land situated in the Lodhi Colony and Sewa Nagar regions. The Rail Land Development Authority (RLDA) has allocated this land to Asteroid Shelter Homes Private Limited, which is another subsidiary of the Galaxy Group.
Pradeep Kumar Agrawalla, the Director of Galaxy and Sawasdee Group, affirmed, “We were granted the plot by RLDA on August 2nd.” The cost of the land amounts to Rs 356 crore. We anticipate obtaining the necessary approvals within six to eight months and aim to commence groundwork within a year. The overall investment, encompassing the land cost, is projected to reach Rs 1,000 crore.”
Agrawalla elaborated that the land plot holds potential for developing around five lakh square feet and boasts a Floor Area Ratio (FAR) of 2.6. He revealed that the company plans to construct approximately 300 high-end apartments on this site.
A lease for 16,058.40 square meters has been secured for a period of 99 years. Sewa Nagar Part A comprises 5,345.30 square meters of land, while Lodhi Colony spans 10,713.10 square meters.
Additionally, Agrawalla disclosed that alongside the luxury housing project, the firm will also refurbish about 278 existing railway quarters covering an area of 27,000 square meters. Upon redevelopment, these quarters will be handed over to the railways, but the company will oversee the upkeep of the renovated quarters for three years.
Galaxy Group has already completed numerous constructions in Greater Noida West and is currently engaged in various commercial undertakings in Old Delhi, Rohini, and Paschim Vihar. Furthermore, the Group is in the process of establishing an extensive retail and commercial hub in Sector-63 of Noida.
Source- Moneycontrol
