NEW DELHI: Realty firm Migsun group has formed a joint venture with another builder to develop a 103-acre township in Greater Noida and will invest around Rs 250 crore to construct the first phase of the project.
Last month, Migsun had bought 37.5 acre IT SEZ project in Greater Noida from Ansal Properties & Infrastructure Ltd.
“We have entered into a joint development agreement (JDA) with Royal Golf Link City Projects Pvt Ltd to develop this 103 acre township,” Migsun group Managing Director Yash Miglani said.
In the first phase, he said the company has launched 138 villas, spread over 7 acre of land and 2.5 lakh sq ft high street retail over 2 acre land.
“The total project cost of the first phase is around Rs 250 crore,” Miglani said. He said the company has already launched the first phase and sold all the villas and retail shops for around Rs 420 crore. The construction work has started, and the first phase will be completed in the next three years, Miglani said.
Recently, Migsun announced the acquisition of HDFC and Ansal API stake in Ansal IT City Park (SEZ) Tech Zone, Greater Noida, where it will develop the 37.5-acre mixed-use project with commercial, IT, and Industrial space.
The company is currently executing 16 projects, both residential and commercial, in various parts of Delhi NCR.