 "Construction, building, real estate")
Realty firm Gulshan Group on Friday said it will invest Rs 190 crore to develop a luxury housing project in Noida Extension, Uttar Pradesh.
The company will develop 92 units in this 1.3-acre project named 'Gulshan Avante' located in Noida Extension (Greater Noida West).
The company is selling 4-BHK fully furnished apartments, each of 3,200 square feet size, at an all inclusive price of Rs 3.52 crore.
"We have already sold 44 apartments in this project. There is a great demand from businessmen and high salaried employees from this region," Gulshan Group Director Yukti Nagpal told reporters.
Nagpal said the estimated project cost is Rs 190 crore, which is being funded through internal accruals.
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"We expect sales realisation of approximately Rs 325 crore in this project,she said.
Deepak Kapoor, Director of Gulshan Group, said the company will deliver this project in the next three years.
"The demand for luxury apartments has gone up significantly after the COVID-19 pandemic," Kapoor said.
Gulshan Group has delivered 8 million square feet in the past 6-7 years and the development of around 4 million square feet will be done in the next few years.
Kapoor said the company will launch more housing and commercial projects this fiscal year.
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