Sushma Group to invest Rs 170 cr to build shopping complex in Zirakpur

Punjab-based Sushma Group on Friday said it will invest Rs 170 crore to build a shopping complex at Zirakpur in the state.

The company started the construction of the project last month and is targeting to complete it by the end of the next year, it said in a statement.

The high-street retail project 'Sushma Capital' is spread over six acres and will have 3.5 lakh sq ft built-up area.

"The real estate development is picking up pace in the region. Being situated at a strategic location, the project will attract the residents of not just Zirakpur but the adjoining areas including Panchkula," Sushma Group Executive Director Prateek Mittal said.

The company said it has recently also started the possession of commercial project 'Sushma Infinium' located on ChandigarhDelhi national highway.

The group has delivered 10 real estate projects so far, the statement said.

Last year, Sushma Group bought 60-acre land at Zirakpur from NCR-based developer Shipra Group for about Rs 250 crore to develop housing and commercial projects. It raised Rs 110 crore from IIFL to partly fund the land acquisition.

It plans to construct a housing project in 40 acre of land and use the remaining 20 acre for mixed-use development .