September 28, 2021

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The World Stock Markets Tips & Targets, News, Views & Updates

Trehan group acquires 20-acre land in Gurgaon to develop high-end independent floors

Realty developer Trehan Group has acquired 20 acres in Gurgaon for development of projects offering high-end independent floors, a senior executive told ET.

The company has entered the Gurgaon market by buying land parcels in some of Gurgaon’s prime areas with an aim to develop 320 high-end independent floors with the investment of Rs 250 crore.

“Our strategy is to organise the independent floors market in Gurgaon, where many unorganisedplayers are already operating. We are acquiring plots in already developed societies and constructing luxury floors there,” said Harsh Trehan, chairman of Trehan Group.

The company has developed projects in Rajasthan’s Bhiwadi, Neemrana and Alwar before entering Gurgaon.

“By doing multiple projects at different locations, we are able to maintain the cash flow and we approach banks only for small funding whenever we have to acquire land. Thus, we are also able to give multiple options to customers depending on their budget,” said Trehan.

During the Covid-19 pandemic, developers have witnessed a surge in demand for plotted development and independent floors.

“The builder floors segment was so far a fragmented market. We believe that it is time to organise this segment, given the rise in demand from home buyers,” Trehan added.

The Trehan Group has delivered over 10 million square feet of residential real estate since1989 with 16 completed projects.

In Gurgaon, independent floors are available in the range of Rs 50 lakh to Rs 4 crore. The developers say that the high rises take 5-7 years to monetise and with an ongoing liquidity crisis, the real estate sector is looking for quick monetisation of assets.

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