The investment will be through internal accrual, sale, and IIFL except for leisure residential project Elementa in Kasauli where the investment would be through self and sale only, the company said in a statement.

Chandigarh's Sushma Group set to invest over Rs 400 crores over the next few yearsChandigarh-based real estate developer Sushma Group will invest Rs 450 crore in four projects in the next few years, a senior company executive said.

Among the four projects, two are commercial – Metropol (Zirakpur) and Empiria (Zirakpur) – and two are residential – Belleza (Zirakpur) and Elementa (Kasauli).

The investment will be through internal accrual, sale, and IIFL except for leisure residential project Elementa in Kasauli where the investment would be through self and sale only, the company said in a statement.

The group has delivered 14 projects with a total area of 3.6 million sq ft so far.

“Before the pandemic, the demand was already on the rise, and it is likely to go further northwards now. Moreover, post lockdown, we have started the possession of five residential and commercial projects,” said Prateek Mittal, Executive Director, Sushma Group.

“Also, many reports put out the figures of rising real estate investment in Tier-II at around 20 per cent over last year, which is a clear sign of the movement of buyers and investors to these cities. Indeed, the development of physical and social infrastructures — airports, road infrastructure, better connectivity, companies foraying in these markets — has pushed the real estate demand in these cities,” Mittal added.

The group informed that Belleza, Metropol, and Empiria are part of Sushma Downtown – a 60 acres township in Zirakpur on PR-7 Airport Ring Road. The luxury residential project, Belleza will have variants of 3 BHK and 4 BHK.

Spread over 11.43 acres and a total built-up area of 1,818,322 sqft, the investment in the project is around Rs 180 crore

The 7-acre commercial project Empiria will have a total built-up area of 1,352,863 sqft and the investment in it would be around Rs 130 crore.

Spread over 4.10 acre, Metropol will be developed with an investment of Rs 90 crore. With the total built-up area of 945,307 sqft, Metropol will have two grand sky-walks, 650 ft wide frontage, and is attached to approximately 4 acres of green.

The fourth project Elementa, which is a leisure-residential development in Kasauli, Himachal Pradesh and spread over 4.42 acres, will be developed with an investment of Rs 50 crore.