Trident Realty to invest Rs 3,000 cr over 7-8 years in Panchkula project

Trident Realty, a New Delhi-based developer with offices in Mumbai, Noida and Chandigarh, has acquired a 200-acre plot of land in Panchkula in Haryana on which it to develop an integrated luxury township over over 7-8 years at an investment of Rs 3,000 crore.

The company will use the investment in its recently launched luxury residential project, Trident Hills, an integrated luxury township in Panchkula, to develop the new project.

Panchkula is rapidly developing into a residential hub in Tricity (Chandigarh). The region is fast becoming a top pick for homebuyers due to its strategic location, planned development, and connectivity with other key cities.

The realty firm entered the tier-2 real estate market with the launch of Trident Hills. The initial development of the 125-acre land parcel will include plots and low-rise floors. The project, which was launched last week, has already sold around 300 plots at an overall sale value of Rs 500 crore.

Speaking about this new project, S K Narvar, Chairman, Trident Realty, said, "Luxury homes are witnessing high demand in tier-2 cities because of the aspirational upper middle & upper class, and Trident Hills marks our debut in the tier-2 market.”

"The company is in expansion mode and considering the growth momentum in the realty sector during the past 2-3 years, we are convinced that the time is apt to enter tier-2 markets like Tri-city (Chandigarh), Uttarakhand, Haryana, Himachal, Punjab, Ahmedabad, Baroda, Goa and Pune, as these places are brimming with opportunities due to rapid infra development," Narvar added.

The company has acquired the 200-acre land parcel through an insolvency process and invested about Rs 400 crore to settle loans taken from financial institutions. It has also provided plots to about 450 stuck homebuyers in this project.

Elaborating on other projects, Narvar said, “The company has already completed the 12-acre project Trident Embassy consisting of 1,400 units in Noida Extension, and is developing one more housing project in Noida Extension -- Trident Embassy Reso, with 572 units, at an investment of Rs 300 crore."

In the Mumbai Metropolitan Region market, the company had acquired a firm that owned a 27-acre land parcel.

Trident Realty has launched two projects in MMR so far, with about 450 units, at a combined investment of Rs 535 crore. It has delivered nearly 1,300 units to slum dwellers in these two projects.

The company is aiming to complete the three under-construction projects in Noida Extension and the MMR markets by end of next year.

The company has its footprint across the residential, retail, commercial, and hospitality sectors. It has delivered over 20.34 million sq ft of residential and commercial space in high-growth centres. About 12.91 million sq ft of residential, retail, hospitality, and commercial space us under various stages of construction.