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Migsun Group to invest Rs 706 crore in high street commercial project in Delhi's Rohini

In Phase 1, the Group will develop 1 mn sq ft of high street retail space. In Phase 2, if the company is able to buy additional FAR, another 1 mn sq ft will be developed in the form of business suites

Migsun Group, a realty firm, is planning to develop a high street commercial project at a newly-acquired site at New Delhi's Rohini Sector 22 at an investment of nearly Rs 706 crore, including land development.

Migsun Group has acquired a land parcel of 36,583 square meters from a private firm, Yogi Raj Promoters Pvt Ltd, in Rohini. The Group will develop a 9.03 acre high street commercial project with a total built-up area of 6.3 acres at the site.

Yash Miglani, Managing Director, Migsun Group, said, “This land development will help us to strengthen our presence in North Delhi. Rohini is one of the rapidly growing commercial real estate markets in Delhi-NCR, and we thought that this was an opportune time to tap into this lucrative market and give consumers a high street retail experience.”

He said that the total investment cost, including the acquisition and development of the commercial project, will be Rs 706 crores. The land parcel has been bought for Rs 265 crore. A further Rs 441 crore is planned to be spent on the development of the project.

Miglani said that in the first phase, the Group will develop one million square feet of high street retail market, while the company might also purchase an additional Floor Area Ratio (FAR) to meet future demands under Master Plan 2041, which has recently been approved. In the second phase, if additional FAR is purchased, another one million sq ft will be developed in the form of business suites, he said.

Also Read: Migsun Group takes over project by Parsvnath in Greater Noida under PMC model

The majority of Migsun Group’s projects are located in Ghaziabad and Greater Noida. The company has expanded its base and launched retail and residential projects in Tier 2 cities like Lucknow.

Moneycontrol News
first published: Mar 1, 2023 06:16 pm