The investment amount will mainly be financed through internal accruals, sales collection and a debt instrument via collaborations with financial institutions.
“We have collaborated with two financial institutions and have received a sanctioned amount from one of them,” said Yukti Nagpal, director of Gulshan Group.
Located in Sector 129 along the Noida Expressway, the development will feature 57 floors, including a 150-room Taj Hotel and 74 Taj-branded apartments spanning around 7,500 square feet each.
The first 17 floors of the development will be reserved for the hotel, followed by two branded units each floor till the 56th floor. The 57th floor will include a penthouse that would not be for sale.
The construction work has started, with the project expected to be completed in five years, that is, by 2031.
“The total revenue from the sale of residences will be more than ₹2,000 crore,” another director Deepak Kapoor told Business Standard.
Kapoor added that around 50 per cent of the inventory has been sold, with the buyer profile including high net-worth individuals (HNIs), primarily from South Delhi and micro, small and medium enterprise (MSME) owners from Noida.
While the firm did not disclose the price point, people in the know told Business Standard that the project is currently selling at around ₹35 crore per apartment. Kapoor added that the per unit price is further expected to go up to ₹100 crore.
Gulshan group added that the project will include an expansive 8,000 square feet ballroom, complemented by pre-function areas and meeting rooms.
“Residents will enjoy exclusive access to a private residents’ club featuring terraced gardens, a children’s play area, lounge spaces, sports facilities, and an infinity swimming pool,” the firm said.
This is the second such project by IHCL in India. In April 2022, the company announced a Taj-branded hotel in Chennai, featuring 235 keys and 123 Taj branded residences, in partnership with AMPA Group.
In Mumbai, too, the company will have 85 apartments at its upcoming Taj branded hotel at Bandstand with 330 keys.
Puneet Chhatwal, managing director and chief executive officer (CEO) at IHCL said the tower would be the tallest Taj Hotel and the first in Noida, Uttar Pradesh.
He added that India is among the top-five global economies and the rising affluence levels are leading to demand for luxury products and services, including branded residences in urban centres.
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