by THO
Kanodia Group, which is into the cement business, has acquired a 1.74 acre land parcel in Gurugram for ₹153 crore and plans to develop a luxury real estate project on it, the company said in a statement.
The company has recently announced its plan to enter into the real estate sector and invest ₹5,000 crore over the next 5-7 years.
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The land parcel is located in Sector 46, Gurugram.
Commenting on the acquisition, Gautam Kanodia, co-founder of Kanodia Group said, “This acquisition marks our entry into the luxury residential space in the NCR market. We aim to extend our 25 years of legacy in setting new standards of quality in terms of product and service delivery for our valued customers.”
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“We plan to generate revenue in excess of ₹1000 crore from this project. The project is scheduled to be launched by the end of this year and is expected to be completed within 48 to 60 months,” said Kanodia.
The land parcel is located close to the Medanta Hospital and Huda City Center Metro station.
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“We see the luxury residential space continuing to drive growth in the real estate sector in NCR, and we are here to offer the best experience to contemporary Indians,” said Kanodia.
