Gulshan Group acquires 2.5-acre land in Noida for Rs 150 cr

financialexpress.com:

In a strategic move, real estate developer Gulshan Group has acquired a 2.5-acre land parcel in Noida’s Sector 129, a prime location in the National Capital Region. This land is a part of the Jaypee township in Noida.

The transaction, valued at Rs 150 crore, was completed through a purchase from a financial institution, as disclosed by two individuals with knowledge of the deal.

The company plans to develop an expansive one million square feet on the newly-acquired land. The Gulshan Group is already developing another commercial project in the same sector.

Deepak Kapoor, Director at Gulshan Group, affirmed that the crucial process of transferring land rights has been concluded, and the planning phase has commenced.

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The financial institutions took control of these land parcels due to loan defaults by the builder and subsequent insolvency. More than 20,000 homebuyers are anxiously awaiting for the delivery of their homes.

Over the past year, notable companies like Max, L&T, Gaurs, Saya, CRC, Paras, and Gulshan Group have collectively invested over Rs 3,000 crore in land purchases, initiating projects with a combined revenue potential exceeding Rs 10,000 crore. This trend highlights the region’s dynamic realty landscape, with leading developers strategically positioning themselves to capitalize on emerging opportunities.