Galaxy Group to invest Rs 1,000 crore to develop ultra-luxury housing project in South Delhi

For representational purpose

Galaxy Group, a Noida-based real estate developer, along with its subsidiary Sawasdee Group, will develop an ultra-luxurious housing project in South Delhi with an estimated investment of Rs 1,000 crore, the company said.

The luxury housing project will be developed on around 16,000 square metres (sq m) spread across Lodhi Colony and Sewa Nagar localities. The land has been allotted by the Rail Land Development Authority (RLDA) to Asteroid Shelter Homes Private Limited, another subsidiary of the Galaxy Group.

Pradeep Kumar Agrawalla, Director, Galaxy and Sawasdee Group, said, "The plot was allotted by the RLDA to us on August 2. The land cost is Rs 356 crore. In six to eight months, we are likely to get the necessary approvals, and we are hopeful of starting the work on the ground in around a year’s time. The total investment is estimated at Rs 1,000 crore, including the land cost."

He said that the land parcel has a development potential of around five lakh square feet with a 2.6 Floor Area Ratio (FAR). The company plans to develop around 300 luxury flats here, he said.

An area of 16,058.40 sq m has been offered on lease for a period of 99 years. Of this, an area of 5,345.30 sq m is in Sewa Nagar Part A, and 10,713.10 sq m in Lodhi Colony.

Agrawalla added that apart from the luxury housing project, the company will also redevelop around 278 existing railway quarters spread over 27,000 sq m. The flats will be handed over to the railways after the redevelopment, but the company will take care of the maintenance of the redeveloped quarters for three years.

The real estate firm has delivered multiple projects in Greater Noida West and is also developing multiple commercial projects in Old Delhi, Rohini, and Paschim Vihar. The Group is also constructing a mega retail and commercial destination in Sector-63, Noida.