Adani Realty Foray into the Delhi-NCR
Adani group foray into the Delhi-NCR developing two projects on separate parcels of land. The projects will cost 1,500 crore. Adani Realty Business and Delhi-based realtor M2K Group will jointly develop residential projects on 41 acres of plot the latter owns in Gurgaon, near Delhi. Both developers will share costs and revenues equally. Towards the cost of land, Adani Realty has paid 100 crore to M2K. Another 100 crore will be paid in phases.
“The land parcels are spread over 18 acres and 23 acres along the Dwarka-Manesar expressway. These are estimated to provide us 3 million square feet of saleable space,” said Tarvinder Singh, chief executive officer of Adani Realty. Singh expects to launch the projects early in 2012 and complete them in four years. Half the inventory in the two projects will be for premium home buyers, while the rest will target middle income consumers.
The expressway will improve connectivity to the airport and property rates will move up. Several real estate firms have announced their projects along the upcoming Dwarka-Manesar expressway, which will link Manesar, a new industrial belt outside Gurgaon, to Delhi and the international airport.
Adani, Adani Group, Adani group foray Delhi-NCR, Adani Realty Business, Delhi NCR, Dwarka-Manesar expressway, Gurgaon, M2K Group
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