Golden Growth Fund buys land parcel in South Delhi, eyes ₹100 crore revenue

The fund plans to develop boutique luxury residences in Neeti Bagh area, targeting high-net-worth and ultra-high-net-worth individuals

Golden Growth Fund (GGF), a Category-II Alternative Investment Fund (AIF) for real estate, has announced the acquisition of a premium land parcel in South Delhi’s upscale Neeti Bagh area.

 

Targeting high-net-worth and ultra-high-net-worth individuals (HNIs/UHNIs), the fund plans to develop boutique luxury residences, with an estimated revenue of ₹100 crore from the project, according to a statement.

 

In September 2024, GGF launched a real estate-focused AIF with a commitment to raise ₹400 crore to acquire land in South and Lutyens Delhi. With this, GGF has claimed to be the only fund to invest in this lucrative market, followed by its first acquisition of a land parcel in Anand Niketan in October.

   

“We are excited to launch our second project in Neeti Bagh after the overwhelming response we received from our inaugural project in Anand Niketan. GGF has already received 25 per cent commitment of the investment amount in the Neeti Bagh project, and we aim to deliver an IRR of 20 per cent plus,” Ankur Jalan, CEO of GGF, said.

 

Furthermore, the company stated that the land parcel spans about 7,560 square feet and will house just four ultra-luxury boutique residences in a basement + elevated ground + 4-storey configuration. Each apartment, measuring around 6,000 square feet, will feature a private swimming pool, steam and sauna rooms, a jacuzzi, landscaped areas, designer fittings, and premium Italian flooring, offering a blend of exclusivity and high-end living.

 

South Delhi is home to 18,500 privately-owned residential plots, classified into Category A, B, C, and others by the Municipal Corporation of Delhi (MCD). In all, they hold an estimated market value of ₹5.65 lakh crore, signaling significant potential for upscale redevelopment and new residential projects.

 

Plot prices in this upmarket area vary across categories, with Category A colonies commanding premium rates between ₹7–15 lakh per square yard, and Category B colonies ranging from ₹6–12 lakh per square yard. As of today, the average price of plots in Neeti Bagh stands at close to ₹12 lakh per square yard.

 

“South Delhi market is an end-user driven market with limited inventory and less-to-no price volatility as compared to NCR. To add to this, the growing need to elevate to homes with high-end amenities, rising number of nuclear families, and desire to upgrade to a posher colony have driven the demand for luxury floors, especially amongst the wealthy doctors, lawyers, businessmen, start-up founders, NRIs, etc. in South Delhi,” Jalan added.