Sushma Group, a Punjab-based real estate developer active in the Tricity region, plans to invest Rs 450 crore in four projects in Zirakpur and Kasauli, the company said in a statement.
Among the four projects, two are commercial – Metropol (Zirakpur) and Empiria (Zirakpur) – and two are residential – Belleza (Zirakpur) and Elementa (Kasauli).
The investment will be through internal accrual, sale, and IIFL except for the leisure residential project Elementa in Kasauli where the investment would be through self and sale only, the company said.
The group has so far delivered 14 projects with a total area of 3.6 million sqft.
The company said that Belleza, Metropol, and Empiria are part of Sushma Downtown – a 60-acre township in Zirakpur on PR-7 Airport Ring Road which is emerging as the most important road of the region as it directly connects Mohali and Zirakpur, and will soon be extended to link Panchkula as well.
The luxury residential project, Belleza will have variants of 3 BHK and 4 BHK with amenities such as organic farms, personal herb garden, reflexology lawns, and musical walkways. Spread over 11.43 acres and a total built-up area of 1,818,322 sqft, the investment in the project is around Rs 180 crore.
The 7-acre commercial project Empiria will have a total built-up area of 1,352,863 sqft and the investment in it would be around Rs 130 crore, the company said.
Spread over 4.10 acre, Metropol will be developed with an investment of Rs 90 crore. With the total built-up area of 945,307 sqft, Metropol will have two grand sky-walks and a 650 ft wide frontage, it said.
The fourth project Elementa, which is a leisure-residential development at Kasauli in Himachal Pradesh and spread over 4.42 acres, will be developed with an investment of Rs 50 crore. The options available in Elementa include Studio (630 sqft), 1 BRK (880 sqft), and 3 BRK (1335 sqft).