One Group Developers has won the e-auction organised by Haryana Shahari Vikas Pradhikaran (HSVP) for a 3,486 square meter of plot in Gurgaon.
According to the business’s director Udit Jain, the company will spend Rs 57.2 crore for the land and invest another Rs 50 crore to create a residential complex on it.
One Group will develop a premium housing project and will take advantage of transit-oriented development (TOD) regulations to build in certain more regions.
“There will be a single tower with two floors of retail and two floors of residential units above it,” Jain explained. “This is our first project in Gurgaon, but we have worked in smaller towns like Rohtak, Bahadurgarh, Bhiwadi, and Punjab.”
We will apply for permissions as soon as we have completed the entire payment.” HSVP has auctioned off residential and commercial land parcels to real estate developers.
Previously, One Group Developers had taken over a stalled Puma Realtors project in Mohali after the National Company Law Tribunal approved the real estate developer’s resolution plan.
One Group Developers is working on 21 projects in six states. The company focuses on tier-2 cities that are near to major metropolitan areas.
Developers and international firms have chosen to invest extensively in land in Delhi-NCR and Mumbai as land acquisition becomes more difficult due to rising costs and litigation.
According to international property consultant CBRE, they used more than 60% of the capital used in these two cities to buy land holdings between 2018 and 2022.
Delhi-NCR garnered $3.8 billion in 67 purchases for a total of 1,760 acres, while Mumbai saw 73 deals for the same amount for 960 acres.
Bengaluru and Hyderabad were the two major cities, accounting for 9% and 7% of total land purchase investment, respectively.
Recognising an opportunity, developers stepped up their efforts, acquiring almost 900 acres for residential projects, accounting for 43% of total land acquisitions in 2022.
Another important industry that has seen increased activity is industrials and logistics, particularly during the pandemic years (2020 and 2021).
Source- ET
