Rs 250 Crore Investment For Ghaziabad Housing Project By SG Estates
Realty firm SG Estates will invest about Rs 250 crore over the next four years to develop a Ghaziabad housing project in Uttar Pradesh as the company expects property demand to rise because of road infrastructure development.
The national capital-based company will develop 800 flats in the 3.5-acre housing project at Siddharth Vihar, its director said. We have all the necessary approvals to develop this project including registration with real estate regulator RERA, he said, adding that the construction work would start soon.
This will be the group’s fourteenth project in the Delhi-NCR region. SG Estates has fixed the basic selling price (BSP) at Rs 4,200 per sq ft, which come’s under the category of affordable housing.
According to information placed before the RERA, the project cost is about Rs 250 crore and the same will be funded through internal accruals, sales proceeds and bank funding.
SG Estates will soon give possession to 500 units in its project SG Grand at Raj Nagar Extension in Ghaziabad. The company has applied for occupancy certificate. The group has two other ongoing projects in the Ghaziabad region, SG Oasis in Vasundhara and SG Benefit in Govindpuram.
On the Ghaziabad realty market, the director said, widening of NH 24 has proved to be a major boost for Siddharth Vihar. Now, with the advent of infrastructure advancements such as metro connectivity and the link road between NH 24 and NH 58, people will find Siddharth Vihar as an extension of Indirapuram in terms of connectivity and liveability quotient.
Ghaziabad property market would also benefit from Delhi-Meerut expressway, which is being developed at a fast pace.
Source Link- https://www.indiatoday.in/.