Migsun Group to invest Rs 706 cr in high-street commercial project in Delhi

The Migsun Group is planning to invest Rs 706 crore in a nine-acre high-street commercial project at a newly acquired site in Rohini's Sector-22 in New Delhi.

The NCR-based realty firm has acquired the land parcel, measuring 36,583 sq metres, from a private firm.

Migsun will develop a total built-up area of 6.3 acres on the site and expects to deliver the project within three years.

The company said that the total cost of the project, including the acquisition and development, will be Rs 706 crore. It added that it might purchase additional Floor Area Ratio (FAR) to meet future demands.

Yash Miglani, Managing Director, Migsun Group, said, “This land acquisition will help us strengthen our presence in North Delhi. Rohini is one of the rapidly growing commercial real estate markets in Delhi-NCR, and we thought this was an opportune time to tap into this lucrative market and give consumers a high-street retail experience.”

The company develops various affordable housing, premium, and commercial projects in Delhi, Ghaziabad, Noida and Greater Noida. It has delivered more than 40 projects in Delhi-NCR and developed more than 20 million sq ft of land in different pockets of the territory.

Most of its commercial projects are in Ghaziabad and Greater Noida. The company has also expanded its base and launched retail and residential projects in tier-2 cities.

Last November, the firm acquired 26 acres of land in Lucknow for Rs 220 crore to develop a residential and retail project at a cost of Rs 2,000 crore.

It also acquired real estate developer Ansal's stake in Ansal IT City Park (SEZ) Tech Zone, and later bought HDFC's 37 per cent stake in the zone for about Rs 50 crore, to take full control of the SEZ.