Real estate firm SG Estates will invest Rs 250 crores, to develop 800 flats in a 3.5-acre housing project at Siddharth Vihar, in Ghaziabad, its director Gaurav Gupta has said. “We have all the necessary approvals to develop this project, including registration with the real estate regulator,” Gupta said, adding that the construction work would start soon. This will be the group’s 14th project in Delhi-NCR. SG Estates has fixed the basic selling price (BSP) at Rs 4,200 per sq ft.
According to information placed before the RERA, the project cost is about Rs 250 crores and the same will be funded through internal accruals, sales proceeds and bank funding. SG Estates will soon give possession to 500 units in its project ‘SG Grand‘ at Raj Nagar Extension in Ghaziabad. The company has applied for the occupancy certificate. The group has two other ongoing projects in the Ghaziabad region – ‘SG Oasis‘ in Vasundhara and ‘SG Benefit’ in Govindpuram.
On the Ghaziabad realty market, Gupta said “The widening of the NH-24 has proved to be a major boost for Siddharth Vihar. Now, with the advent of infrastructure advancements, such as metro connectivity and link road between NH-24 and NH-58, people will find Siddharth Vihar as an extension of Indirapuram in terms of connectivity and liveability quotient.” Ghaziabad’s property market is also likely to benefit from the Delhi-Meerut Expressway, which is being developed at fast pace.