Realtor Shalimar Group to invest Rs 1,200 cr

The two housing projects would collectively span 275 acres

Realtor Shalimar Group will be investing Rs 1,200 crore in its two housing projects in Lucknow.

The two projects would collectively span 275 acres, Shalimar Director Khalid Masood said. Of these, the company on Thursday announced the launch of a Rs 200-crore housing project ‘Garden Bay’ spread over about 75 acres on Sitapur-Hardoi Road here.

The project comprising 1,500 housing units, has been designed by a Dubai-based firm, he said. It would be completed in the next four years in two phases.

In the second half of next financial year 2014-15, Shalimar would be launching an integrated township project in Gomti Nagar area, spanning around 200 acres and an investment of over Rs 1,000 crore.

“Both these projects would be in the periphery of the proposed Lucknow Metro Rail project routes,” he said.

He claimed while the Lucknow realty market was witnessing appreciation of 20-30 per cent annually, Metro would further boost the real estate segment, especially in pockets falling along its routes and terminals.

Lucknow-based Shalimar Group has made a mark for itself by delivering premium housing and commercial properties in the posh localities of the city.

Now, the Group is spreading its wings to other regions and working on projects in the National Capital Region (NCR), Masood said.