Realty firm SG Estates will invest about Rs 250 crores over the next four years to develop a housing project at Ghaziabad 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 Gaurav Gupta said. “We have all the necessary approvals to develop this project including registration with real estate regulator RERA,” Gupta 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. According to information placed before the RERA, the project cost is about Rs 250 crore and the same will be 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, Gupta 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 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 fast pace.