NEW DELHI: Noida-based developer Supertech has signed a joint development agreement with land aggregation company GTL for 11 acres of land in Gurgaon’s sector 79.
The land has all permissions required for building a residential group housing project for which a minimum of 10 acres is required in under Gurgaon rules.
Supertech has now launched a housing project, called Araville – Premium homes at the location, which will have a total of 610 apartments with a total saleable area of around 1 million sq ft. This project will also include EWS flats that are mandatory for group housing projects in Gurgaon.
“We will invest Rs 400 crore for the project, which will be delivered in the next three years and will share 35% of the revenues with the owners of the land,” said RK Arora, chairman and managing director of Supertech Ltd.
In the last six months, a number of developers from Noida have ventured into the Gurgaon real estate market. ATS Infrastructure recently bought 14-acres of land with licence for a group housing in Gurgaon’s sector 109 for Rs 150 crore. The 3C Company has signed a joint development agreement with the Orris Infrastructure for a 47-acre plot in Gurgaon’s sector 89. Earth Infrastructure has purchased a 10.5-acre plot in Gurgaon’s sector 112 and has launched a residential project there.
“Gurgaon today is one of the most vibrant markets and for Noida’s real estate developers, it is a logical extension of their growth strategy,” says Prashant Kaura, director, GenReal Property Advisers, which is based in Gurgaon.