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Gulshan Group to invest ₹1000 crore in premium housing project in Ghaziabad’s Wave City
Ghaziabad real estate: Gulshan Group launches 500-unit premium housing project in Wave City, targets ₹1,200 crore sales
Ghaziabad's housing market is steadily moving up the value chain, with developers increasingly launching premium projects priced at ₹2 crore and above, driven by improving infrastructure, including the operational Delhi-Meerut Expressway, and rising demand from end-users.
Delhi-based Gulshan Group has launched Gulshan Empire, a premium residential project in Sector 1, Wave City, with apartments starting at ₹2.20 crore. While the company entered the Ghaziabad market nearly two decades ago, the launch marks its latest bet on the city's growing appetite for premium housing.
Spread across 5.5 acres, the single-phase development involves an investment of around ₹1,000 crore and is expected to generate sales revenue of more than ₹1,200 crore. Gulshan Group acquired the land directly from Wave City for ₹175 crore, company officials said.
The project will comprise 500 apartments across six towers. In the first phase, the developer has launched around 9 lakh sq ft of saleable area, offering 3 BHK apartments with a helper's room starting at ₹2.20 crore and 4 BHK apartments with a helper's room starting at ₹3 crore.
Apartment sizes range from 2,075 sq ft for 3 BHK units to 2,750 sq ft for 4 BHK units, with carpet areas ranging from 1,142 sq ft to 1,583 sq ft. Of the 500 apartments, 250 are 3 BHK units housed in two towers with four apartments per floor, while 250 are 4 BHK units spread across four towers with two apartments per floor, offering a lower-density living experience. The project does not include penthouses, the officials said.
According to the developer, around 200 apartments have already been sold, indicating strong initial demand.
Who are the buyers?
The buyer profile is dominated by NCR residents, with a mix of end-users and investors. Around 70% of bookings have come from end-users, including homebuyers aged 35-40 looking to upgrade to larger homes and tenants from the developer's earlier projects who are now purchasing homes. Investors account for the remaining 30% of sales.
"Gulshan Empire has been conceived as a premium residential offering in response to growing demand from homebuyers. Developed primarily for end users, the project reflects evolving buyer preferences for spacious homes, integrated communities and long-term value," said Deepak Kapoor, Director, Gulshan Group.
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"The residential market continues to witness strong demand from discerning homebuyers who value quality, thoughtful planning and long-term value creation. Gulshan Empire reflects our commitment to developing communities that respond to these evolving aspirations while maintaining the construction standards and design philosophy that define the Gulshan brand. Our investment of ₹1,000 crore also underscores our long-term confidence in Wave City as an emerging residential destination supported by improving infrastructure and sustained end-user demand," Kapoor added.
The project is scheduled for completion by 2031, in line with the RERA timeline. It will be financed through a combination of internal accruals, institutional funding and customer collections.
"Today's homebuyers are making more informed decisions, with equal emphasis on quality, design, location and the overall living experience. Gulshan Empire has been envisioned as a premium residential community that combines low-density planning, expansive green spaces, private garden residences and contemporary lifestyle amenities," said Yukti Nagpal, Director, Gulshan Group.
