Gulshan Homz recently bought a 2.5-acre land in a prime area of Noida for Rs 150 crore, as reported by insiders. The real estate company, already having another project in the same sector, plans to develop a massive one million square feet space there.
Deepak Kapoor, director at Gulshan Homz, mentioned that the land rights transfer process is completed, and they’ve begun the planning phase. The acquired land is part of Jaypee townships in Noida and Greater Noida, which have become attractive for developers due to financial institutions taking over these lands after loan defaults by the builder.
In the last year, several companies, including Max, L&T, Gaurs, Saya, CRC, Paras, and Gulshan, have invested over Rs 3,000 crore in land purchases and initiated projects with potential revenues exceeding Rs 10,000 crore.
Industry experts note that the Noida Expressway area, where Gulshan Homz made its recent acquisition, has seen prices double in less than a year. The land along the highway is primarily used for retail and office developments, while those within Jaypee townships are being utilized for upscale residential properties.
Deepak Kapoor also mentioned that Gulshan Homz is working on a joint venture to develop 90 apartments in Moradabad, Uttar Pradesh. He highlighted the demand from tier 2 cities and the need for integrated development in such areas. The company plans to invest Rs 450 crore in the project, offering 8,500 sq ft villas priced at Rs 7.5 crore each.