Many Noida-based developers are buying licensed land in Gurgaon not from villagers, but directly from the ‘secondary’ market as part of their expansion strategy.
ATS Group is launching its mid-segment projects in sectors 104 (14 acres) and 109 (10 acres) in the next three months. The group has purchased land from the open market. The 14-acre plot was bought for R150 crore. HDFC Portfolio Management Services has partly financed the purchase. Geetamber Anand, vice-president, CREDAI and CMD of ATS Group, confirmed the projects.
Paras Buildtech has acquired 7 acres from M3M Developers in Sector 70 A. M3M Developers has sold a part of the 28 acres that it had bought from DLF for Rs. 440 crore earlier this year to Paras Buildtech.
Harinder Nagar, promoter of Paras Buildtech, said buying licensed land in Gurgaon is an easier and faster process for developers new to the Gurgaon market. The group plans to construct high-end apartments worth over Rs. 1 crore in Sector 70 A. The project will be launched in May. It will be self-financed.
Assotech Ltd has purchased about 12 acres of licensed land from Uppals Group and QVC Realty. Sun Apollo India Real Estate Fund has invested R75 crore in the project located in Sector 99. The project called Blith will be launched on May 5. “We are planning to do two more projects in Gurgaon,” said Sanjeev Srivastav, managing director, Assotech Ltd.
Supertech Group also plans to construct a high-end project of 30 storeys in Sector 79, Gurgaon, on a 10-acre plot. "This will be a joint-venture and is part of our expansion strategy," said RK Arora, CMD, Supertech Limited. The project is expected to be launched in the next 15 days and the starting price will be R5,000 per sq ft.
Amrapali Group has already entered an agreement for a 20-acre land parcel along the Northern Peripheral Road in Gurgaon and is looking for private equity funding. The project will be launched in a couple of months. “We are also thinking of buying a licensed land parcel in Faridabad,” said Amrapali Group CMD Anil Kumar Sharma.