Noida-based real estate developer Prateek Group will invest over Rs 2,000 crore to develop a premium housing project "Prateek Grand Begonia" in Ghaziabad, company executives said.
Located in Siddharth Vihar along Delhi-Meerut Expressway (NH-24), the project "Prateek Grand Begonia" will have a total of 2,400 units in the configuration of 2-,3- and 4-BHK. The first phase of the project will include 1,200 apartments.
Prashant Tiwari, CMD, Prateek Group said that the project will come up on a 15-acre land parcel, which is part of the 40-acre Grand City township.
"The investment in the project including the land cost is likely to remain above Rs 2,000 crore. The funds will be managed through internal accruals and bank financing. The total revenue expected from the project is estimated at approximately Rs 5,000 crore," he said.
Prateek Tiwari, MD, Prateek Group, said that Prateek Grand Begonia is a product of the company's vision to combine luxury with accessibility. "The project caters to both the practical and aspirational needs of today's buyers, especially millennials and Gen Z," he said.
Prateek added that the smallest apartment will have an area of 1,075 square feet (sq ft) while the largest flat will have a super area of 2,500 sq ft.
The key highlights of the project include EV charging points at every parking space making the project more futuristic. The group has also proposed an international school within the township.
"The total development area of the project will be 35 lakh sqft (3.5 million sqft). It will have 12 towers with each having 32 floors," Prashant said.
The project will be delivered in next five years, however, in RERA we have been given the time till 2032 to complete the project, he added.
Prateek Group has already delivered a township project called Prateek Grand City in Siddharth Vihar (Ghaziabad). The company has announced the sales of its 1200 units in the first phase of the project priced at Rs 1.2 crore onwards. The company claimed that around 50 percent of the first-phase inventory have been sold.
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