Vegas Group buys over 10 acres of land in New Delhi for mixed-use project

Vegas Group -- a joint venture between Unity Group, HL Group and RP Group -- has acquired a 10.43-acre land parcel to develop a mixed-use project in Sector 22 of Dwarka, New Delhi.

It acquired the land parcel from the Delhi Development Authority (DDA) under a long-term licence arrangement model.

Vegas is expected to invest Rs 1,000 crore in the development of the project, which will span about 3 million sq ft, said Harsh V Bansal, co-founder of Unity Group. Of this, nearly 1 million sq ft will be dedicated to a bridge-to-luxury mall, along with premium office spaces, hotels, serviced apartments and an institutional building, he said.


“The project is next to Yashobhoomi and will add value to the region’s growth. There is significant inherent demand for malls and hotels in the region, and the project will cater to that demand,” said Bansal.

Real estate developer Omaxe is also developing a Rs 2,500-crore project in Delhi’s Dwarka that will include a cricket-cum-football stadium, besides retail and hospitality developments.

Omaxe won the bid to develop the facility on 50.40 acres of land, offering to pay Rs 18 crore annually to DDA for 30 years.

“Dwarka has emerged as a centre of development for the national capital. With connectivity to Gurgaon via the Dwarka Expressway and proximity to Delhi airport, demand will continue to remain strong,” Bansal said.

Earlier, Unity Group had taken on lease a 10,000-sq m plot in north Delhi’s Model Town area from the Delhi Metro Rail Corporation (DMRC) to develop a luxury boutique mall.

Unity Group will also expand its retail space offerings in the coming years, including mall developments in Preet Vihar, Mangalam, Rohini and Punjabi Bagh in Delhi, and Mohali in Punjab.

Unity Group, which also operates Dwarka’s Vegas Mall, is set to add 1–1.2 million sq ft of retail space over the next few years.

The DDA’s newly introduced transit-oriented development (TOD) policy is also expected to boost real estate development in Delhi.

Under the TOD policy, planned, high-density and mixed-use development will be promoted within a 500 m radius of metro and RRTS corridors, covering approximately 207 sq km.

The policy enables the development of smaller plots of 2,000 sq m under TOD provisions.

A maximum FAR of 500 is permitted in TOD zones on plots measuring 2,000 sq m or more, with an 18 m-wide road. Of this, 65% of the total permissible FAR has been mandatorily earmarked for residential use, with units having a built-up area of up to 100 sq m, thereby supporting affordable housing along the metro corridor.