Golden Growth Fund (GGF) announced the acquisition of a land parcel in the upscale Neeti Bagh colony in South Delhi. The fund aims to generate Rs 100 crore in revenue through the sale of boutique apartments targeting HNIs and UHNIs.
Golden Growth Fund launched a real estate-focused AIF in September 2024 with a commitment to raise Rs 400 crore to acquire land in South and Lutyens Delhi, making it the only fund to invest in this end-user, niche and lucrative real estate market. This follows the Fund’s inaugural acquisition of a land parcel in Anand Niketan in October 2024.
Ankur Jalan, CEO of Golden Growth Fund, said, “We are excited to launch our second project in Neeti Bagh after the overwhelming response we received from our inaugural project in Anand Niketan. GGF has already received a 25% commitment of the investment amount in the Neeti Bagh project, and we aim to deliver an IRR of 20% plus.”
“The South Delhi market is an end-user-driven market with limited inventory and less-to-no price volatility compared to NCR, making it an ideal destination for those looking to make safe investments in real estate. To add to this, the growing need to elevate to homes with high-end amenities, the rising number of nuclear families and the desire to upgrade to a posher colony have driven the demand for luxury floors, especially amongst the wealthy doctors, lawyers, businessmen, start-up founders, NRIs etc. in South Delhi.”
The land parcel in Neeti Bagh, measuring 7560 sq. ft., will have only four apartments in the Basement + Stilt + 4 floors. Each boutique apartment, approximately 6000 sq. ft., will have all the modern comforts that match the taste of the neo-rich, like steam, sauna, jacuzzi, private swimming pool, landscaped area, designer fittings, and Italian flooring.
Each apartment will have a separate entrance and an elevator for exclusivity and privacy. South Delhi has around 18,500 privately owned residential plots, categorised as A, B, C and others by MCD, with a current market value of Rs 5.65 lakh crore, presenting a huge opportunity for project development.
The average price of plots in Category A colonies range from Rs 7-15 lakh per sq.yd. While the average price in Category B colonies ranges from Rs 6-12 lakh per sq.yd. The average price of plots in Neeti Bagh today is approximately 12 lakh per sq.yd.
“The Fund has received a very good response. GGF is the only fund focussed on the South Delhi real estate market, giving us the first-mover advantage in this vast landscape of South and Lutyens Delhi.”
The Fund recently announced the launch of luxury floors in Anand Niketan, the construction of which is progressing briskly. Grovy India, a BSE-listed real estate company, is developing the project.
