Karyan Group to invest Rs 900 cr in new luxury housing project in Ghaziabad

Karyan Group will invest Rs 900 crore to develop 'Trevana Residences', a luxury housing project in Ghaziabad, Uttar Pradesh, with estimated revenue of Rs 1,500 crore.

Realty firm Karyan Group on Tuesday said it will invest around Rs 900 crore to develop a luxury housing project in Ghaziabad, Uttar Pradesh.

The company will develop 608 units in the luxury residential project 'Trevana Residences', which is located on NH-24.

''This is our first housing project in this group. We will invest around Rs 900 crore to develop this project,'' Karyan Group Director Varun Garg told reporters.

The company is targeting an estimated revenue of nearly Rs 1,500 crore from this project, he added.

The homes and penthouses will be sold in a price range of Rs 2-6 crore.

The project, which has a saleable area of 16 lakh sq ft, is scheduled for completion by 2030.

Garg said housing demand in Ghaziabad remains strong and the company expects a good response from customers.

He said the investment would be funded through internal accruals and the realty firm might take bank loans if needed to fund construction.

Karyan Group has developed one commercial project spanning one lakh sq ft area, while two commercial projects are under construction, totalling 6 lakh sq ft area in Ghaziabad.

According to housing brokerage firm PropTiger, the housing sales in Delhi-NCR grew 11 per cent to 9,447 units during January-March this year from 8,477 units in the year-ago period. New supply grew 29 per cent to 10,230 units from 7,952 units.