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Arete Group to invest over Rs 100 crore on residential, commercial projects in Gujarat

The residential project will offer affordable housing units; The group also plans to start construction of a mall-cum-high street next year.

The new affordable residential project called Angan Greens will have an area of 2,50,000 sq. ft. and will come up in Vapi's Chanod. 
 (Representative image)

The new affordable residential project called Angan Greens will have an area of 2,50,000 sq. ft. and will come up in Vapi's Chanod. (Representative image)

Arete Group, a diversified business conglomerate with its presence in real estate, industrial parks, retail, hospitality, food and beverages, and investments, plans to invest over Rs 100 crore in residential and commercial projects in Gujarat.

The company has plans to build a mall as well as a residential project in Gujarat's Vapi area and is in the process of commencing a warehouse in Gujarat's Talwada, said Virender Kumar, Head of Business Strategy & Marketing, ARETE Group.

"We already have done two projects in the affordable segment and launched the third one in March this year. We plan to launch another residential project Angan Greens next year. We are also expanding on the commercial front. We already have one high-street up and running and will be coming up with another high-street project 'Galaxy Emporia' next year," said Kumar.

'Galaxy Emporia will have multiple retail outlets, a multiplex theatre, as well as dining-multicuisine restaurants, spread over a size of 1,80,000 sq. ft. While the project will be launched next year, it's targeted for completion in 2025.

Also Read: Real estate outlook 2022: Investment volumes into realty to match those of 2021

The new affordable residential project called Angan Greens will have an area of 2,50,000 sq. ft. and will come up in Vapi's Chanod. It will have a total of 305 units and will have facilities like a sports area and community space. The project will have one BHK and two BHK units with an area starting from 650 sq ft to 1400 sq ft. The project will be launched in 2023 with a targeted completion time of 2.5 years, said Kumar.

The prices for the 1-BHK units start from around Rs 11.5 lakh and the average price for a 2-BHK unit is around Rs 18 lakh.

"The projects that we have developed or those that are in the pipeline will have ground plus five floors with four apartments on each floor," said Kumar.

Also Read: About five lakh homes worth Rs 4.5 lakh crore delayed across the country: Anarock

Kumar said that the group has seen demand for the affordable segment in Vapi and that the company's primary focus at present is in Gujarat.

The group had also launched its warehouse project called Galaxy HubCo spread across an area of 3,36,000 sq. ft. in Gujarat's Talwada in December last year. It will be complete by this month.
Akash Sinha
first published: Jun 14, 2022 03:57 pm