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Trident Realty will invest about Rs 3,000 crore to build a 200-acre luxury housing township at Panchkula in Haryana as part of expansion plan, its Chairman S K Narvar said.
It has acquired this land parcel through insolvency process and invested around Rs 400 crore to settle the loans of financial institutions. It has also provided plots to around 450 stuck homebuyers in this project.
The Delhi-based company has presence in Delhi-NCR, Mumbai Metropolitan Region (MMR) and is now making a foray into Chandigarh tri-city through this new project.
"We have launched our new luxury residential project Trident Hills in Panchkula. This 200-acre land parcel is located in the foothills of the Shivaliks. We will be developing around 60 lakh square feet area in this township, including villas, group housing, independent floors and plots," Narvar told PTI.
The project will be developed over the next 7-8 years.
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"We will be investing about Rs 3,000 crore to develop this township project," Narvar said.
He said the company launched this project last week and has already sold around 300 plots with a sale value of Rs 500 crore.
Narvar said the demand for luxury homes has increased in tier II and III cities on account of rising aspirations.
In August, DLF had launched 34-acre project Valley Gardens at Panchkula. The company is developing 424 independent floors in this project and targeting about Rs 1,300 crore sales revenue.
Elaborating on other projects, Narvar said the company has already completed 12-acre project Trident Embassy in Noida Extension, comprising 1,400 units.
"We are developing one more housing project in Noida Extension -- Trident Embassy Reso, comprising 572 units, with an investment of Rs 300 crore," he said.
In the MMR market, the company had acquired a firm that owned a 27-acre land.
"We have launched two projects in MMR so far, having nearly 450 units. The investment in these two projects is Rs 535 crore," he said, adding the company has delivered nearly 1,300 units to slum dwellers in these two projects.
Trident Realty is targeting to complete the three under-construction projects in Noida Extension and the MMR markets by end of next year.
"We are looking to launch more projects in this 27-acre large parcel that we have," Narvar said, adding there is a potential to develop 65 lakh square feet area more in this big land parcel.
Established in 2008, Trident Realty has presence in all major real estate verticals like residential, retail, commercial, and hospitality. The company has 12.91 million square feet area under various stages of construction.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
