Gulshan Group, Ourika Estates to invest Rs 750 cr on 2 new housing projects

Realty firm Gulshan Group has partnered with Ourika Estates to develop two projects in Ghaziabad and Lucknow with a total investment of Rs 750 crore.

In a statement on Monday, Noida-based Gulshan Group said it has formed a joint venture with Ourika Estates to develop real estate projects.

In the first phase, the two companies have bought land parcels in Ghaziabad and Lucknow through auction by the respective development authorities.


"Over the development lifecycle of these two projects, the platform plans to invest over Rs 750 crore towards creating about 1.50 million sq ft of built-up area across premium residential developments," Gulshan said.

The two partners are also actively evaluating opportunities across North India's emerging growth corridors.

The land in Ghaziabad is 8,750 square metre while the plot at Lucknow's Gomti Nagar Ext is 10,328 square metre.

Gulshan Nagpal, Promoter of Gulshan Group, said the association with Ourika Estates is a step towards creating a larger portfolio of premium, future-ready residential projects.

Deepak Kapoor, Promoter of Gulshan Group, said the housing demand is quite strong across major cities in North India, especially for credible players.

Prasoon Chauhan, Director of Ourika Estates, said: "With an initial investment outlay exceeding Rs 750 crore, this vehicle is built to perform."

Gulshan Group has developed many housing projects in Delhi-NCR.

Ourika Estates has a presence across key urban centres in Uttar Pradesh, including Bareilly, Ayodhya, Ghaziabad and Lucknow.

According to real estate consultant PropTiger, housing sales across eight major cities fell 6 per cent year-on-year to 91,729 units in the April-June quarter due to low demand, with buyers being cautious amid global uncertainties.

In Delhi-NCR, sales fell 7 per cent annually to 9,352 units from 10,051 units.