According to corporate sources, the Noida-based Galaxy Group, a real estate developer, intends to start a high-end residential project in South Delhi with a budget of around Rs 1,000 crore.
On a plot of land measuring roughly 16,000 square metres, in the areas of Lodhi Colony and Sewa Nagar, the magnificent apartment block will be constructed. This site has been given to Asteroid Shelter Homes Private Limited, another Galaxy Group company, by the Rail site Development Authority (RLDA).
Director of Galaxy and Sawasdee Group Pradeep Kumar Agrawalla confirmed, “We were granted the plot by RLDA on August 2nd.” The land is priced at 356 crore rupees. Within six to eight months, we expect to receive the required clearances, and we want to start construction within a year. The estimated total investment, including the cost of the land, is Rs 1,000 crore.
According to Agrawalla, the land parcel has a Floor Area Ratio (FAR) of 2.6 and has the potential to be developed into an area of almost five lakh square feet. He disclosed that the corporation intends to build about 300 luxury flats on this property.
A 99-year lease has been negotiated for a space measuring 16,058.40 square metres. The land area of Sewa Nagar Part A is 5,345.30 square metres, whereas Lodhi Colony is 10,713.10 square metres. Agrawalla further revealed that the company will renovate 278 existing railway quarters totaling 27,000 square metres in addition to the luxury home project. These quarters will be given to the railways when they have been rebuilt, but the firm will be responsible for maintaining them for three years.
The Galaxy Group is now working on several commercial projects in Old Delhi, Rohini, and Paschim Vihar in addition to the numerous building projects it has already finished in Greater Noida West. Additionally, the Group is in the process of developing a sizable retail and commercial centre in Noida’s Sector-63.