Listen To The Article
According to sources close to the development, Trident Realty, located in the National Capital Region (NCR), has earned Rs 1,200 crore through the sale of properties, such as the Shipra Mall in Ghaziabad and a plot of land in Gurgaon, as part of its ambitions to concentrate on its residential business and sell off non-core assets.
The business intends to build projects of Rs 15,000 crore in 2024–2025; with the proceeds, it hopes to bolster its residential portfolio. Trident Realty group chairman SK Narvar stated, “We have also divested our non-core commercial projects across the NCR (National Capital Region), in line with our strategy to focus on residential real estate.”
Trident Realty Planning Projects On Dwarka Expressway, Golf Course Extension Road
In addition to the second phase of its Panchkula project, the company is planning developments on the Dwarka Expressway, Golf Course Road Extension, and Panipat. It has also formed a joint project with DLF for a 3.5 million square feet project in Mumbai.
“In the upscale residential sector, we have made the decision to concentrate on creating expansive communal living areas. The launch of several high-end residential developments is planned for the coming year,” stated Narvar.
In Panchkula, Haryana, Trident Realty is now building Trident Hills, a 200-acre integrated township. The business has been working on residential, retail, commercial, and hospitality developments in the NCR, the Mumbai Metropolitan Region, and Tri-City (Chandigarh).
Trident Realty And DLF Will Build Trident Hills
About 20.34 million square feet of residential and commercial space have been supplied by the business to high-growth areas, while an additional 12.91 million square feet are being built at various stages.
In the Andheri neighbourhood of Mumbai, DLF has purchased a controlling 51% interest in a special purpose vehicle (SPV) in charge of a development project with an approximate 3.5 million square foot footprint.
Together with Trident Realty, DLF will build over 900,000 square feet during the project’s initial phase. Gradually, more land will become accessible for later phases of development.
Trident Realty Paid Rs 551 Crore For Purchase OF Shipra Mall
Through an auction, the group paid Rs 551 crore to Indiabulls Housing Finance Ltd. and Edelweiss Asset Reconstruction Company Ltd. (EARC) for the purchase of Shipra Mall in Indirapuram, Ghaziabad.
To recoup their debt from the Noida-based Shipra Group, Indiabulls Housing Finance and EARC had sent an auction notice in accordance with the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act. Tenant space at Shipra Mall totals 450,000 square feet, of which 100,000 square feet are unoccupied.
