Ashtech Group forays into real estate with ₹1,800 cr Greater Noida project

The company's first project will be developed on a fully paid-up 5.6-acre plot, which it acquired from the authority for around ₹300 crore, Ashtech said in a statement

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Realty firm Ashtech Group, which is into construction materials and infrastructure development, has entered into the real estate business and will develop around Rs 1,800 crore to build a luxury housing project in Greater Noida.

The company's first project will be developed on a fully paid-up 5.6-acre plot, which it acquired from the authority for around Rs 300 crore, Ashtech said in a statement on Thursday.

Sumit Agarwal, Director of Ashtech Group, said the company has been in allied sectors such as fly ash bricks, AAC Blocks, Ready-mix concrete (RMC), Pre-Engineered Building, large-scale infrastructure, and power infrastructure.

"We believe this is the right time to extend our expertise to real estate development," he added.

The company will soon launch the first phase of the upcoming project.

Delhi-NCR-based Ashtech Group, which posted Rs 500 crore turnover last fiscal, plans to launch more projects in the coming years.

The real estate sector has been performing exceedingly well since 2022. The demand for housing and commercial properties has increased, while prices have appreciated significantly. Land cost, too, has risen sharply post-COVID pandemic.