Ganga Realty announces Rs 1,000 crore investment in 'Nandaka 84' luxury housing project in Gurugram

Real estate developer Ganga Realty has unveiled plans to invest over Rs 1,000 crore in the construction of a luxury housing project named 'Nandaka 84' in Gurugram, Haryana. The project, spread across 8.33 acres, will consist of 302 apartments and is slated for completion by 2028. Vikas Garg, Joint Managing Director at Ganga Realty, noted that the funding for this venture will be sourced from internal accruals. The price for the apartments and penthouses will start from Rs 4.05 crore.

This initiative follows Ganga Realty's earlier announcement of investing Rs 750 crore in an affordable housing project called 'Tathastu.' The latter project, located in Sector 5, Sohna-Gurugram, encompasses 22 acres and comprises 2,972 apartments, with prices starting at Rs 25 lakh.

Gurugram has experienced an upswing in demand for luxury residences over the past two and a half years, prompting several real estate developers to enter this segment. DLF Ltd, for instance, is gearing up to launch two luxury housing projects valued at Rs 15,000 crore in Gurugram during the second half of the current financial year. Additionally, Mumbai-based Oberoi Realty recently acquired land in Gurugram for the development of an ultra-luxury housing project.

Real estate consultants report a twofold increase in the sales of luxury homes priced above Rs 1.5 crore in Delhi-NCR, reaching 13,630 units in January-September of the current year, compared to 6,210 units sold during the same period last year. This growth is attributed to improved demand and supply dynamics in the region.

(With PTI Inputs)