Noida-based real estate developer, Galaxy Group, in collaboration with its subsidiary Sawasdee Group, has unveiled plans for an opulent housing project in South Delhi, set to materialize with an approximate investment of INR 1,000 crore. This ambitious undertaking will span over an expansive 16,000 square meters, enveloping the desirable locales of Lodhi Colony and Sewa Nagar. The land allocation, overseen by the Rail Land Development Authority (RLDA), has been granted to Asteroid Shelter Homes Private Limited, a subsidiary under the Galaxy Group umbrella, as reported by Money Control.
Detailing the venture, Pradeep Kumar Agrawalla, Director of Galaxy and Sawasdee Group, shared that the RLDA officially allocated the plot on August 2, with the land itself amounting to INR 356 crore. He anticipates obtaining the necessary approvals within the next six to eight months, with a hopeful commencement of on-ground operations within a year. The comprehensive investment, which encompasses the land expenditure, is projected at INR 1,000 crore.
Agrawalla underscored that the land parcel holds a development potential of around five lakh square feet, carrying a 2.6 Floor Area Ratio (FAR). The master plan envisions the creation of approximately 300 luxury flats in this coveted expanse.
Spanning a lease term of 99 years, a total expanse of 16,058.40 square meters has been secured. Among this allocation, 5,345.30 square meters are situated in Sewa Nagar Part A, while 10,713.10 square meters are nestled within Lodhi Colony.
In addition to the upscale housing project, Galaxy Group aims to revitalize roughly 278 existing railway quarters sprawled across 27,000 square meters. Following redevelopment, these residential units will be handed back to the railways, with the company overseeing maintenance for a three-year duration.
Galaxy Group boasts a track record of delivering several successful projects in Greater Noida West. Moreover, the company is actively engaged in multiple commercial endeavors across Old Delhi, Rohini, and Paschim Vihar. Notably, the Group is also in the process of erecting a sprawling retail and commercial hub in Sector-63, Noida.