Migsun to Invest Rs 4,500 Cr in Stuck Projects in Greater Noida
NCR-based real estate Company Migsun Group has announced that it is planning to take up five to seven stuck projects in Greater Noida and invest Rs 4,500 crore in their construction. "The company is planning to take up five to seven such projects spread across 3 crore sq ft," Yash Miglani, managing director, Migsun Group told. These projects will be developed under the joint venture and development management agreement model, he said. According to estimates, there are more than 4 lakh stuck units in projects launched in 2013 or before, out of which around 70% are in MMR and NCR. “We are going to develop the projects under the JV and DM model. We will analyze the project and take a call accordingly. In the residential segment, we will take up township and group housing projects. Our plan to resurrect stalled projects might not have a major effect on new demand, but it will provide relief to aggrieved homebuyers who have been waiting for their real estate asset with bated breath. However, it would go a long way toward enhancing overall consumer sentiment as well as helping to fix the supply side of the real estate market,” said Miglani. The group recently announced the acquisition of HDFC and Ansal Properties & Infrastructure Ltd's stake in Ansal IT City Park (SEZ) Tech Zone, Greater Noida, and plans to develop the 37.5-acre mixed-use project. The project will have 50 per cent IT/ITeS offices, 15 per cent industrial, and 15 per cent commercial.
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