Trident Realty Group has acquired a 200-acre plot of land in Panchkula and will invest Rs 3,000 crore to develop a township there, Group Chairman SK Narvar of Trident Realty told ET.
“With this move, we are foraying into a tier 2 city and have planned similar developments in Ahmedabad, Baroda, Nasik, Jammu and Pune. The real estate sector has picked up in the last two years, and we have planned expansion accordingly,” said Narvar.
In the first phase the company, which has a presence in Delhi NCR and MMR, is planning to develop a 125-acre land parcel that will include plots for buyers and common facilities.
“Tier 2 cities have emerged as the new growth potential, and with the aspirational class living there, they are looking for gated communities with all the facilities. With integrated development, we intend to provide all the facilities in one township,” Narvar said.
The company acquired the land through the National Company Law Tribunal (NCLT) and will help over 400 homebuyers get homes a decade after they booked the property.
Trident Realty paid Rs 160 crore to HDFC, Rs 65 crore to Axis Bank, and Rs 95 crore to the Haryana government as part of the resolution process. It has also taken a credit line of Rs 100 crore from IndusInd Bank.
The company must pay another Rs 62.96 crore to the Haryana government as external and internal development charges (EDC/IDC).
“We will develop the project in phases, and the investment will be done over a period of 5-7 years,” Narvar said.
Trident Realty has developed projects in Greater Noida and Mumbai and will continue to expand in these two cities.
According to a CBRE report, tier-II cities are poised to be the new growth vectors in India in the coming years–driven by their progress in the real estate landscape, work environment, quality of life, and sustainability.
