Punj Lloyd plans residential foray
Infrastructure major Punj Lloyd is entering the booming real estate sector. The company has signed an MoU with Delhi-based real estate developer Ramprastha Group for developing multi-storied residential housing projects.
By TNN |
NEW DELHI: Infrastructure major Punj Lloyd is entering the booming real estate sector. The company has signed an MoU with Delhi-based real estate developer Ramprastha Group for developing multi-storied residential housing projects through a joint venture (JV).
The first such project will be developed by Punj Lloyd and Ramprastha Group in a 50:50 JV at Vaishali in Ghaziabad over approximately 29 acres. The development will comprise mostly residential units.
In the second phase, the JV company will venture into real estate projects in Indirapuram and Gurgaon, where the Ramprastha Group holds a large land-bank. Punj Lloyd is expected to make an initial investment of Rs 180 crore in the JV.
Ghaziabad is poised to be one the fastest growing real estate destinations in the NCR, mainly because of its proximity to the site of the Commonwealth Games. The proposed projects of the JV form part of an integrated gated township. The company aims at developing approximately 2.5 million sq ft over 4 years.
The planning, design and construction of residential complexes will be done by Punj Lloyd’s Singapore-based subsidiary, Sembawang Engineers and Constructors.
The Ramprastha Group has developed three townships, spread over 100 acres each, in Ghaziabad, comprising plotting, group housing, dwelling units and commercial projects.
The first such project will be developed by Punj Lloyd and Ramprastha Group in a 50:50 JV at Vaishali in Ghaziabad over approximately 29 acres. The development will comprise mostly residential units.
In the second phase, the JV company will venture into real estate projects in Indirapuram and Gurgaon, where the Ramprastha Group holds a large land-bank. Punj Lloyd is expected to make an initial investment of Rs 180 crore in the JV.
Ghaziabad is poised to be one the fastest growing real estate destinations in the NCR, mainly because of its proximity to the site of the Commonwealth Games. The proposed projects of the JV form part of an integrated gated township. The company aims at developing approximately 2.5 million sq ft over 4 years.
The planning, design and construction of residential complexes will be done by Punj Lloyd’s Singapore-based subsidiary, Sembawang Engineers and Constructors.
The Ramprastha Group has developed three townships, spread over 100 acres each, in Ghaziabad, comprising plotting, group housing, dwelling units and commercial projects.
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