Realtor Tulsiani Group to invest Rs 2,000 crore in UP

Spread over 120 acres, Meerut project entails development of residential flats and villas, apart from commercial space

Realtor Tulsiani Constructions and Developers Limited has planned to invest almost Rs 2,000 crore in Uttar Pradesh over the next 3-4 years. The investment would flow in its various residential and commercial projects either already underway or in pipeline.

“We would be investing between Rs 1,500 crore and Rs 2,000 crore in the next 3-4 years in our projects here. Our ongoing Meerut project alone would account for about Rs 1,000 crore of investment,” company’s chairman and managing director Anil Kumar Tulsiani told Business Standard here today.

Spread over 120 acres, the Meerut project entails development of residential flats and villas, apart from commercial space. “The first phase of the Meerut project spanning 56 acres is underway and is expected to be completed by 2017-18,” he informed.

Tulsiani Group also has three projects on the ground in Lucknow spread over 16 acres. “The premium Golf View apartment project in Lucknow entails investment of Rs 350 crore,” he said. The company is currently scouting for 20 acres land in Varanasi to launch another residential project.

“Our focus remains on residential projects as this segment is less affected by slowdown compared to commercial space,” he claimed.

Lucknow has seen spurt in the launch of premium and semi-premium residential projects, whereas the affordable housing segment continues to witness strong demand.

“There is steady demand for premium condominium in Lucknow, which can be pegged at almost 10 per cent of the total housing requirement,” Tulsiani underlined.

He maintained UP was home to the biggest consumer base and with rising financial awareness amongst the youth, coupled with nuclear family concept, the demand for flats would continue to be much higher than actual supply.

Meanwhile, he espoused the idea of a real estate sector regulator to protecting the interests of both the developers and consumers.