Trident Realty plans to invest Rs 3,000 crore in the Panchkula project over the next 7-8 years
- ByStartupStory | November 25, 2022
Trident Realty, a New Delhi-based developer with offices in Mumbai, Noida, and Chandigarh, has acquired a 200-acre tract of land in Panchkula, Haryana, on which it plans to build an integrated luxury township over the next 7-8 years for Rs 3,000 crore. The investment in Trident Hills, an integrated luxury township in Panchkula, which was just announced, would be used to create the new project. Panchkula is quickly becoming a residential center in Tricity (Chandigarh). Because of its strategic location, planned growth, and connectivity to other significant cities, the region is quickly becoming a favorite choice for homebuyers. With the opening of Trident Hills, the real estate firm entered the Tier 2 market. The 125-acre property area will be initially developed with plots and low-rise levels. The project, which was unveiled last week, has already sold over 300 plots worth Rs 500 crore. Speaking about this new project, S K Narvar, Chairman, Trident Realty, said, “Luxury homes are witnessing high demand in tier-2 cities because of the aspirational upper middle and upper class, and Trident Hills marks our debut in the tier-2 market.”
“The company is in expansion mode, and considering the growth momentum in the realty sector during the past 2-3 years, we are convinced that the time is apt to enter tier-2 markets like Tri-City (Chandigarh), Uttarakhand, Haryana, Himachal, Punjab, Ahmedabad, Baroda, Goa, and Pune, as these places are brimming with opportunities due to rapid infra development,” Narvar added.
The company acquired the 200-acre land parcel through an insolvency process and invested approximately Rs 400 crore to settle financial institution loans. This project has also provided plots to approximately 450 stranded homebuyers.
Elaborating on other projects, Narvar said, “The company has already completed the 12-acre project Trident Embassy consisting of 1,400 units in Noida Extension and is developing one more housing project in Noida Extension, Trident Embassy Reso, with 572 units, at an investment of Rs 300 crore.” The company had acquired a 27-acre property piece in the Mumbai Metropolitan Region market. Trident Realty has so far developed two projects in MMR, totaling approximately 450 units and costing Rs 535 crore. These two initiatives, it has provided almost 1,300 units to slum inhabitants. The company plans to finish the three under-construction projects in the Noida Extension and MMR markets by the end of next year. The corporation operates in the residential, retail, commercial, and hospitality sectors. It has completed more than 20.34 million square feet of residential and commercial space in high-growth areas. A total of 12.91 million square feet of residential, retail, hotel, and commercial space is now under construction.
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