Gulshan Group, which entered into an agreement in 2021 with Jaiprakash Associates to complete two of its stuck projects, will look for more such projects in the National Capital Region after delivering these projects, said Deepak Kapoor, Director. He said construction work on the two Jaiprakash Associates projects will commence this year.
"We have started this initiative to finish the incomplete projects of developers who could not complete them due to financial tightness. It's our regular business development exercise and we are working in this direction. Of the two Jaiprakash Associates projects that we have taken, one has a little construction, while construction is yet to start on the other. Since the structure (with some construction) is ten years old, we will demolish it and build it again," said Kapoor.
The Gulshan Group will complete 113 flats of Boomerang Residencies and 305 flats of Kristal Court in Sector 128 of Noida, both Jaiprakash Associates projects. For existing buyers of these projects, the Gulshan group will offer to settle their amount along with interest if they choose to shift to any existing project of the Gulshan group.
Kapoor said that the Gulshan group will start three projects (including two of Jaiprakash Associates and one in Noida Extension) this year, which will have an area of around 18 lakh sq ft and entail an investment of around Rs 1,500 crore.
"The Noida Extension project has been named Gulshan Avante and will come up on an area of 5,200 sq meters. We had taken 44,000 sq meters of land but lost 38,800 in a land acquisition case in the Supreme Court and were left with only 5,200 sq meters. It will have around 90-95 flats of around 3,200 sq ft each and the investment in it will be around Rs 175 crore," said Kapoor.
The group will be raising around Rs 700 crore from financial institutions to complete these projects. "We will source the funds from internal accruals, financial institutions and sales accruals. We will be raising 40 per cent (around Rs 700 crore) of these funds from financial institutions. We are also sourcing around 10-15 lakh sq ft more in Noida. A commercial project is also in our business development plan and will come up in Noida with an investment of around Rs 550 crore," he said.
Kapoor said the group will deliver its Gulshan Dynasty project, built at a cost of around Rs 900 crore, next year. "In the last six years, we have delivered around 81 lakh square feet in Noida. And we will be delivering 10 lakh square feet of the project (Gulshan Dynasty in Noida Sector 144) next year. The ticket price for Gulshan Dynasty is Rs 6 crore per unit. It has 204 four-BHK units and six duplexes being built at a cost of around Rs 900 crore," he said.
While the Gulshan Group has so far confined itself to the Noida region, it now plans to move to other cities in the National Capital Region and Punjab. The group is also planning to make its debut in the hospitality space.
"In the next five years, we will confine ourselves to residential real estate which is our primary business, and commercial real estate, which we have entered, and may add a leg of hospitality. Right now we don't have any project in hospitality. We will be expanding to Gurugram, Moradabad, Chandigarh, Jaipur and Mohali," said Kapoor.
