Realty firm Migsun Group on Wednesday said it has acquired 9 acre land parcels at Rohini in the national capital for Rs 265 crore to develop a high-street retail project. “We have purchased land located at Sector 22 in Rohini from Yogi Raj Promoters Pvt Ltd,” Migsun Group MD Yash Miglani told reporters here.
Migsun Group has entered into a share purchase agreement with Yogi Raj Promoters, which owns this 9-acre land parcel, he added.
The company will fund the land acquisition cost through internal accruals.
“We will develop a high-street retail project on this land, comprising 1 million square feet area. There is no commercial projects in and around Sector 22, Rohini,” Miglani said.
The company might purchase an additional Floor Area Ratio (FAR) to increase the size of the project.
Miglani said the company intends to develop small retail shops in this project to bring down the overall ticket size.
He said the company would retain the leasing right of this project to ensure that investors gets good rental income.
“Rohini is one of the rapidly growing commercial real estate markets in Delhi-NCR, and we thought that this was an opportune time to tap into this lucrative market and give consumers a high-street retail experience,” Miglani said.
Migsun Group has developed many residential and commercial projects in Delhi, Ghaziabad, Noida, and Greater Noida.
It has delivered more than 40 projects in Delhi-NCR and developed more than 20 million sq ft of land in different pockets of the territory.
With revival in the housing demand after the second wave of the Covid pandemic, real estate developers are buying land on outright basis and also entering into joint development agreements (JDAs) to develop projects.