Galaxy Group (Noida-based real estate developer) is set to develop an ultra-luxurious housing project in South Delhi with more than Rs. 1,000 crore investment.
Galaxy Group, a well-known real estate developer, will invest in a real estate project with its subsidiary, Sawasdee Group. The project will be an ultra-luxurious project at Lodhi Road in Delhi.
According to the officials, this housing project will cover an area of approximately 16,000 square metres. The Rail Land Development Authority allows this land to another subsidiary of Galaxy Group, Asteroid Shelter Homes Private Limited.
Pradeep Kumar Agrawalla, the Director of Galaxy Group 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 hope to start the work on the ground in around a year. The total investment is estimated at Rs1,000 crore, including the land cost.”
He also said that the allotted land has a prominent development potential of approximately Rs. 5 lakh square feet and a 2.6 Floor Area Ratio. Galaxy Group will develop around 300 luxury flats under this project.