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Ganga Realty to invest Rs 400 crore in high-street retail project

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The retail project in Sohna, Gurugram will have around 650 shops spread on an area of 2.7 lakh sq. ft.

New Delhi: Gurugram-based real estate firm Ganga Realty has announced that it will invest Rs 400 crores in its first high-street ‘neighbourhood’ retail project, Swarnim, at Sector 5, in Sohna, Gurugram. This project will be the company’s second multi-crore venture after the announcement of its affordable housing project in Sohna Road a few months ago. The project is located at a 20-min distance from the proposed metro station and will also share easy connectivity with IGI Airport and KMP Expressway. It will be primarily a commercial retail development with a total plot area of 2.7 lakh sq. ft.

The project will have around 650 shops with multiple brand and amenity stores and will be developed in the vicinity of around 3,000 residential units, the company said in a release. Over 25,000 families will most likely settle down in the same region in the near future, which promises great prospects of high ROIs for the project, the release added.

It will also consist of retail shops, banquets, multiplex, and themed restaurants. It is expected that over 200 brands will redefine the project’s retail experience. The project is based on a 100% lease model where all retail and business suites will be leased to individual investors. Shops will be of double height with exclusive terrace rights. The project will also provide dedicated space for mechanical car parking.

The company expects to deliver the project by the end of 2025.

Vikas Garg, JMD, Ganga Realty adds, “The funds for construction of the Swarnim project would be met by internal accruals and customer advances which are being planned. With deliveries and possessions already in process, we expect a huge population to shift within couple of years in close vicinity. This movement will thus push demand for retail and majorly for retail properties in this region”.

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