Noida's Trident Realty raises Rs 1.2k cr through sale of assets

economictimes.indiatimes.com:

Trident Realty has raised ₹1,200 crore through sale of assets, including Shipra Mall in Ghaziabad and a land parcel in Gurugram, as part of plans to focus on its residential business and exit non-core assets, said people close to the development.

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The company plans to use the proceeds to strengthen its residential portfolio, as it has lined up projects worth ₹15,000 crore for launch in 2024-25.

«In line with our strategy to focus on residential real estate, we have also divested our non-core commercial projects across the National Capital Region,» said SK Narvar, group chairman, Trident Realty.

Narvar didn't comment on the sale of assets.

The company, which has entered into a joint venture with DLF for a 3.5 million square feet project in Mumbai, is also planning projects on the Dwarka Expressway, Golf Course Road Extension and Panipat, in addition to the next phase of its Panchkula project. «We have decided to focus on developing large community living spaces in the premium residential market. The upcoming year will see the launch of various premium residential projects,» said Narvar.