NCR Consortium leases land for luxurious residential project in Delhi
10 Aug 2023
2 Min Read
CW Team
An NCR-based consortium, comprising the Galaxy group, has secured a lease for a land parcel from the Rail Land Development Authority (RLDA) at a cost of Rs 3.56 billion. The purpose of this lease is to initiate a residential development project within South Delhi's prestigious Lodhi Colony.
The consortium is anticipated to invest an additional Rs 10 billion into various developmental initiatives, encompassing the construction of residential units specially designated for railway personnel.
Pradeep Kumar Agrawalla, the Director of Galaxy and Sawasdee Group, expressed enthusiasm about the prospects of contemporary construction in Delhi. He emphasised the attractiveness of investing in luxury real estate, particularly within the affluent locale of South Delhi. He further iterated the consortium's intention to continually seek out redevelopment prospects, considering RLDA's possession of prime land.
The land area under consideration is partitioned into three sections: Part-A and Part-B (Sewa Nagar) and Lodhi Colony. The overall land expanse spans 43,345.82 square meters, of which 16,058.40 square meters is slated for a residential development lease that spans 99 years. The remaining area of approximately 27,282.42 square meters in Sewa Nagar Part-B will be utilised for overhauling the existing Railway colony. The consortium is being granted access to Part A (Sewa Nagar) and Lodhi Colony. Notably, there are presently 278 flats, with 202 situated in Sewa Nagar and 76 in Lodhi Colony.
Agrawalla detailed their plans for a lavish residential project encompassing approximately 500,000 square feet of saleable area. The consortium will dedicate six months to master planning and designing the project, followed promptly by the initiation of construction.
Sawasdee and Galaxy group, recognised for their accomplished projects in Greater Noida West, are concurrently engaged in numerous commercial ventures in Delhi, primarily located in Old Delhi, Rohini, and Paschim Vihar. Furthermore, the consortium is actively constructing an expansive retail and commercial hub in Noida's Sector-63.
An NCR-based consortium, comprising the Galaxy group, has secured a lease for a land parcel from the Rail Land Development Authority (RLDA) at a cost of Rs 3.56 billion. The purpose of this lease is to initiate a residential development project within South Delhi's prestigious Lodhi Colony.The consortium is anticipated to invest an additional Rs 10 billion into various developmental initiatives, encompassing the construction of residential units specially designated for railway personnel.Pradeep Kumar Agrawalla, the Director of Galaxy and Sawasdee Group, expressed enthusiasm about the prospects of contemporary construction in Delhi. He emphasised the attractiveness of investing in luxury real estate, particularly within the affluent locale of South Delhi. He further iterated the consortium's intention to continually seek out redevelopment prospects, considering RLDA's possession of prime land.The land area under consideration is partitioned into three sections: Part-A and Part-B (Sewa Nagar) and Lodhi Colony. The overall land expanse spans 43,345.82 square meters, of which 16,058.40 square meters is slated for a residential development lease that spans 99 years. The remaining area of approximately 27,282.42 square meters in Sewa Nagar Part-B will be utilised for overhauling the existing Railway colony. The consortium is being granted access to Part A (Sewa Nagar) and Lodhi Colony. Notably, there are presently 278 flats, with 202 situated in Sewa Nagar and 76 in Lodhi Colony.Agrawalla detailed their plans for a lavish residential project encompassing approximately 500,000 square feet of saleable area. The consortium will dedicate six months to master planning and designing the project, followed promptly by the initiation of construction.Sawasdee and Galaxy group, recognised for their accomplished projects in Greater Noida West, are concurrently engaged in numerous commercial ventures in Delhi, primarily located in Old Delhi, Rohini, and Paschim Vihar. Furthermore, the consortium is actively constructing an expansive retail and commercial hub in Noida's Sector-63.
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