Sushma group buys land from Shipra group for Rs 250 cr

Punjab-based realty firm Sushma group has bought a 60-acre land at Zirakpur from NCR-based developer Shipra group for about Rs 250 crore to develop housing and commercial projects, a top company official said Wednesday.

Sushma group has raised Rs 110 crore from IIFL to partly fund the land acquisition, its Executive Director Prateek Mittal said.

"Shipra group has 260 acre of licensed land parcel to develop a township project. We have bought 60 acre from them for a consideration of about Rs 250 crore," he told PTI.

While the company would construct housing project in 40 acre, the remaining 20 acre will be for 2 million sq ft of mixed-use development, he added.

Sushma group would develop 900 independent villas and 1,000 apartments, Mittal said. In the mixed-use development, it would construct office space, retail and hotel, among others.

The project will be developed over the next 5 years.

Mittal expects housing demand to rise in Zirakpur, which has seen very limited supply of new homes in the last 4-5 years.

Sushma group has developed eight projects in the last 10 years and will complete three more by next year.