The company, which has another commercial project in the same sector, plans to develop one million square feet there.
“The process to transfer the rights of land has been done and we have started the planning,” said Deepak Kapoor, director at Gulshan Homz.
The land parcels are part of Jaypee townships in Noida and Greater Noida, which have become a drawcard for various developers after financial institutions took over most of the land parcels following loan defaults by the builder and its insolvency even as over 20,000 homebuyers are waiting for delivery of their homes.
Over the past year, companies such as Max, L&T, Gaurs, Saya, CRC, Paras, and Gulshan have purchased land worth over Rs 3,000 crore and initiated projects with revenue potential exceeding Rs 10,000 crore.
According to industry experts, the area along the Noida Expressway, where Gulshan Homz has acquired land, has seen prices doubling in less than a year. Land parcels located along the highway primarily serve as sites for retail and office developments, while those within the Jaypee townships are being utilised for the construction of upscale residential properties, they said.Gulshan Homz’ Kapoor said the builder is also developing 90 apartments in Moradabad in Uttar Pradesh in a joint venture with a local partner.
“There is a huge demand from tier 2 cities and people from Moradabad have a paying capacity but they don’t have integrated development,” he said. “The community villa project is the best option for them.”
The 8,500 sq ft villas are priced Rs 7.5 crore each.
The company is looking to invest Rs 450 crore in the project, Kapoor said.