Migsun group to invest Rs 4,500 crore in three stuck projects

Realty developer Migsun is in talks to acquire three stress projects in NCR with the development potential of 30 million sq ft, a senior executive said.The group will invest Rs 4,500 crore over the period of five years in the construction and will form a JV with the existing owner. “We are going to develop the projects under the JV and DM model. In the residential segment, we will take up township and group housing projects,” said Yash Miglani, MD, Migsun Group. The group is in the final stages of signing the deal with three different developers. Beside these three projects, the group is also in talks to overtake another residential project through the NCLT.“Our plan to resurrect stalled projects might not have a major effect on new demand, but it will provide relief to aggrieved homebuyers who have been waiting for their real estate asset with bated breath. However, it would go a long way toward enhancing overall consumer sentiment as well as helping to fix the supply side of the real estate market,” said Miglani. Migsun has recently acquired HDFC and Ansal Properties & Infrastructure Ltd’s stake in Ansal IT City Park (SEZ) Tech Zone, Greater Noida, and plans to develop the 37.5-acre mixed-use project. The project will have 50 per cent IT/ITeS offices, 15 per cent industrial, and 15 per cent commercial. According to multiple reports, there are more than 4 lakh stuck units in projects launched in 2013 or before, out of which around 70% are in MMR and NCR. The company is executing 16 projects, both residential and commercial, in various parts of Delhi and its suburbs.
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