) Realty firm Gulshan group will complete two stalled luxury housing projects of Jaiprakash Associates Ltd (JAL) in Noida with an investment of Rs 475 crore.
On Monday, Gulshan group signed an agreement with Jaypee group”s flagship firm Jaiprakash Associates Ltd to complete these two projects, comprising 418 units.
“We will complete two luxury housing projects which were launched by Jaiprakash Associates,” Gulshan group director Deepak Kapoor said.
Jaiprakash Associates and Gulshan will jointly construct 113 apartments in ”Boomerang Residencies” project and 305 flats in ”Kristal Court” project at Sector 128 in Noida, Uttar Pradesh. Out of the total 418 flats in these two projects, around 100 units are already sold.
The construction cost of these two projects would be Rs 475 crore, and gross sales realisation would be Rs 1,200 crore.
Kapoor said the land is owned by Jaiprakash Associates while the Gulshan group will take the responsibility of development.
The two partners will share revenue, he added.
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,” Kapoor said.
Yukti Nagpal, Director, Gulshan Group, said: “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.”
Recently, Gulshan group announced offering possession of 1,888 units in two projects — Gulshan Botnia (764 units) and Gulshan Bellina (1124 units).
The group achieved a sales bookings 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, Gulshan group achieved sales of 135.33 crore.
On Monday, crisis-hit infrastructure firm Jaiprakash Associates had announced tie ups with Gulshan Homz and CRC for completing 619 luxury apartments in Noida, Uttar Pradesh.
Kasablana project comprising of 3 towers with 201 apartments is being jointly developed with CRC group.
Jaiprakash Associates has a presence in engineering and construction, power, hospitality and real estate businesses.
Jaypee group firm Jaypee Infratech is facing insolvency proceedings. Mumbai-based Suraksha group has recently won a bid to acquire Jaypee Infratech and complete over 20,000 pending flats. The approval from the National Company Law Tribunal is awaited. PTI MJH M