CHD Developers Ltd to invest Rs 130 crore in Dwarka Expressway Project
NEW DELHI: Delhi-based real estate firm CHD Developers Ltd plans to invest Rs 130 crore to develop a new commercial project on the Dwarka Expressway. This will include the cost of land as well.
The office cum retail project spread over two acres in Sector 109 will have a total saleable area of 2.2 lakh sq ft.
“The project would be funded by sales proceeds. We had already bought the land three years back for around Rs 65 crore,” said Gaurav Mittal, managing director, CHD Developers Ltd.
The company plans to start the construction this month and expects to deliver the project within 42 months.
The proposed 150-metre-wide Northern Peripheral Road (NPR), connecting Dwarka and NH-8, also known as the Dwarka Expressway, was launched in 2006. However, the project has been stuck in legal troubles, affecting many housing and commercial projects in the area.
Haryana chief minister Manohar Lal Khattar recently ordered that the delayed Dwarka Expressway project has to be completed by June 2017.
CHD Developers has presence in two markets of Karnal and Gurgaon, with six projects under execution, and plans to launch four more project in 2016.
“We want to digest the market first and focus on execution,” said Mittal, adding, “We might launch three residential and one more commercial project by the end of 2016.”