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Migsun Group announced that it has purchased 9 acres land parcel in Rohini, Delhi, for Rs 265 crore in order to develop a high-street retail project. They bought a land parcel in Rohini’s Sector 22 from Yogi Raj Promoters Pvt Ltd for the development of retail project.
According to Migsun Group MD Yash Miglani, the company has entered into a share purchase agreement with Yogi Raj Promoters, the owner of this 9-acre land parcel. Internal accruals will be used to cover the cost of land acquisition.
We plan to build a 1 million square foot high-street retail project on this land. There are no commercial projects in or near Sector 22, Rohini “Miglani explained. To increase the size of the project, the company may purchase an additional Floor Area Ratio (FAR).
Miglani stated that the company intends to develop small retail shops as part of this project in order to reduce overall ticket size. He stated that the company would retain the leasing rights to this project in order to ensure that investors receive a good rental income.
Rohini is one of the fastest rising commercial real estate markets in Delhi-NCR, and we believed now was an excellent time to enter this productive market and deliver consumers with a high-street retail experience,” Miglani explained.
Migsun Group has built numerous residential and commercial projects in Delhi, Ghaziabad, Noida, and Greater Noida. It has completed more than 40 projects in Delhi-NCR and developed more than 20 million square feet of land in various parts of the city.
With the revival of housing demand following the second wave of the Covid pandemic, real estate developers are buying land outright and also entering into joint development agreements (JDAs) to develop projects.
Source-ET
