The company will develop 608 units in the luxury residential project ‘Trevana Residences’, which is located on NH-24.
“This is our first housing project in this group. We will invest around Rs 900 crore to develop this project,” Karyan Group Director Varun Garg told reporters.
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The company is targeting an estimated revenue of nearly Rs 1,500 crore from this project, he added.
The homes and penthouses will be sold in a price range of Rs 2-6 crore.
The project, which has a saleable area of 16 lakh sq ft, is scheduled for completion by 2030.Garg said housing demand in Ghaziabad remains strong and the company expects a good response from customers.
He said the investment would be funded through internal accruals and the realty firm might take bank loans if needed to fund construction.
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Karyan Group has developed one commercial project spanning one lakh sq ft area, while two commercial projects are under construction, totalling 6 lakh sq ft area in Ghaziabad.
According to housing brokerage firm PropTiger, the housing sales in Delhi-NCR grew 11 per cent to 9,447 units during January-March this year from 8,477 units in the year-ago period. New supply grew 29 per cent to 10,230 units from 7,952 units.