Paarth Infra to invest Rs 5,000 cr in UP realty projects

The projects would primarily be launched in Lucknow, Noida and Kanpur

Realtor Paarth Infrabuild has planned to invest about Rs 5,000 crore in different projects to be launched in Uttar Pradesh during this calendar year.

The real estate projects would primarily be launched in Lucknow, Noida and Kanpur, Paarth Director and Promoter Pradeep Misra told Business Standard here.

“We aim to develop area aggregating 12 million square feet in UP over the next couple of years,” he informed. The company has also launched a Rs 650 crore residential project ‘Paarth Arka’ on Sultanpur road, which is fast developing as the next big realty destination in Lucknow.

Paarth has roped in renowned architect Hafeez Contractor to design the proposed green project, which had been certified by the Indian Green Building Council (IGBC) as gold rated.

IGBC gold rated projects are 40 per cent energy efficient, save 35 per cent water and have 50 per cent indoor area with cross ventilation over conventional buildings. The project, spread over 11 acres, would comprise 9 towers varying stories ranging from 24 to 32, with a total of 905 units measuring 1600-3000 sq ft. Paarth will soon launch a Rs 4,000 crore project in Kanpur as well spread over 80 acres, he said. Last year, the company had launched a Rs 1,400 crore group housing project here spread over 27 acres. Almost 2,000 residential units had been planned to be developed under the project for different segments.

Meanwhile, Contractor said there was a lot of real estate growth potential in tier II and III cities, such as Lucknow and Kanpur. “There is tremendous shortage of housing in India and it is imperative to bridge the gap with cheaper, yet faster solutions,” he added.

He suggested for more intense apartment development to tide over land scarcity and affordable housing issues.