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The cement manufacturer Kanodia Group said in a statement that it has paid ₹153 crores to purchase a 1.74-acre plot of land in Gurugram, with the intention of developing a high-end real estate project there.
The premium project is anticipated to begin by year’s end and be finished in 48 to 60 months, according to Kanodia Group.
The business has declared that it will invest ₹5,000 crores over the next five to seven years to get into the real estate market. The plot of property is situated in Gurugram’s Sector 46.
Kanodia Group Entering The Gurgaon Luxury Residential Market
Co-founder of Kanodia Group Gautam Kanodia commented on the transaction, saying, “With this acquisition, we are entering the luxury residential market in the National Capital Region.”
Our goal is to build on the 25 years of experience we have established in delivering top-notch goods and services to our esteemed clientele.
With this initiative, we want to make more than ₹1000 crore in income with the residential development. According to Kanodia, the project is slated to begin by the end of this year and be finished in 48 to 60 months.
The Millennium City Center Metro station and Medanta Hospital are both near the property tract.
Luxury Residential Space Continuing To Drive Growth In The Real Estate Sector
“We see the luxury residential space continuing to drive growth in the real estate sector specially in Delhi NCR, and we are here to offer the best experience to modern Indians,” Kanodia added.
The Kanodia Group has been active in the cement sector for more than thirty years. With a total capacity of 4.2 million tons annually, the business presently runs three factories in Sikandrabad, Bulandshahar, Amethi (Uttar Pradesh), and one in Bihar.
Source-ET
