NEW DELHI: Gulshan Group has announced that it has tied up with Jaiprakash Associates Ltd. to complete 418 luxury apartments in Noida, Uttar Pradesh. Jaiprakash Associates and Gulshan will jointly construct 113 apartments in ”Boomerang Residencies” project and 305 flats in ”Kristal Court” project in Sector 128, Noida.
The projects’ construction cost would be Rs 475 crore, and gross sales realization would be Rs 1200 crore.
The overall saleable area is 15 lakh square feet, and the investment for project development is from internal accruals and financial partners. The overall construction and delivery of these apartments is expected to be completed in the next 42 months.
“We are excited to get these projects, which will help us get the stuck homes delivered to the buyers. It is our way to help the stuck project see the light of the day. Gulshan Group always standby the customer centricity. As of now, we only have Gulshan Dynasty as a functional project, and we always have a policy of working on three current projects; hence, these two projects fulfill our plans,” says Deepak Kapoor, Director, Gulshan Group.
Recently, the Group announced offering possession of 1,888 units in Gulshan Botnia (764 units) and Gulshan Bellina (1124 units). The company received the completion certificate for Botnia in July 2021 and for Bellina in June 2021. The company also plans to deliver Gulshan One29 this year around Diwali.
Talking about the development, Yukti Nagpal, Director, Gulshan Group, says, “The country is going through a challenging time, and non-delivery of the project adds to the buyers’ worry. We have entered this tie-up to help these buyers get the home of their dreams.”
The Group has recently announced that it made an overall sales of Rs 133 crore during Q1 2021 (April-June). In the same period last year, the company made sales of Rs 44 crore. In July 2021, the Group achieved sales of 135.33cr. The Group informed that the sales were achieved from the projects Bellina (Greater Noida West), Botnia (Sector 144, Noida), Ikebana (Sector 143, Noida), Dynasty (Sector 144, Noida), and One29 (Sector 129, Noida). The Group also aims to have combined sales of INR 415.23 crore from Q2, Q3, and Q4 2021.