Adani Realty has announced its tie up with M2K. Delhi-based M2K Group and Adani Realty will jointly develop a premium housing project- Oyster Grande Gurgaon.
Adani Realty, Adani Group’s real estate wing has revealed its plan to launch its latest residential project in Gurgaon. Adani Realty will be launching this housing project in collaboration with M2K.
Adani Realty and M2K will have equal shares on this residential project. According to the available information, the estimated investment for this residential project is about Rs.1000-Crore. The 40 acre sprawling Oyster Grande is to be set on Dwarka Expressway.
Adani Group is primarily engaged in coal, power and logistics businesses. The assets of the group value approximately $ 8 billion. Adani Group has many real estate projects across the country.
There are projects for Adani Group in Mumbai, Ahmedabad and Kochi. Yet they do not have any projects in the NCR region which is one of the prominent regions of the country. With Oyster Grande Gurgaon the group will be expanding to New Delhi as well.
He told that Dwarka Expressway is a fast developing destination. When asked about the proposed investment he said that it would be around Rs.1000-Crore. He said this is the amount separated for both phases of the project. The planned investment would be made in the forms of internal increases, debt and home advances from the customers.
M2K President Vikash Bhagchandka revealed that they plan to construct 756 flats in the first phase. Together there will be around 1,500-2,000 housing units in Oyster Grande project.
Adani Realty prepares to offer this project at a rate at Rs.6300/sq. ft. The size of the unit varies from 1,600 sq. ft. to over 7,000 sq. ft., Mr. Desai said. Considering the quality and amenities this rate is lower and competitive, he added. The cost of an apartment here will thus fall between Rs.1-4.5Crore.
Oyster Grande costs around 5% of total real estate business of Adani Realty. The group has various projects under process. Each might bring returns only after 2 to 3 years. This shows that the group is oriented to long-term real estate investment.
Nearly 50 million sq. ft. are under construction. It would be worth Rs.3,500-Crore of real estate investment. Adani Realty expects to finish up these projects in the next 5-7 years.
The group has a major real estate township project at Ahmedabad. It spreads across 600- acres of land. This is one major project of the group. Mr. Desai expressed his hope that the company will be able to create a pan-India presence in the next five years.