Prateek Group to invest ₹2,000 crore to build luxury housing project in Ghaziabad

Real estate company Prateek Group will invest over ₹2,000 crore to develop a luxury housing project at Siddharth Vihar in Ghaziabad as part of its expansion plan amid strong consumer demand.

The company on Friday announced the launch of its new project 'Prateek Grand Begonia', spanning around 15 acres and comprising 2,400 flats.

"We have already developed and delivered 4,500 flats in Siddharth Vihar. We are now starting a new housing project which is suitable for both end users and investors," Prateek Group CMD Prashant Tiwari told reporters here.

The company will sell 1,200 flats in the first phase. It will take only 30% of the cost from customers at the time of booking and the remaining 70% at the time of possession.

Asked about project cost, Tiwari said the company will invest over ₹2,000 crore to build this new project.

The company has started the construction work and will deliver this project in five years.

"We are expecting sales revenue of more than ₹5,000 crore in this project," Tiwari said.

The company is selling these luxury flats at ₹1.2-2.75 crore currently. The per square feet rate is ₹11,000.

Before the launch, Prateek Group sold more than 400 flats at around ₹9,000 per square feet.

He said the company will also develop a school and a shopping mall in the vicinity of this project. The company had a total of 40 acres of land in Siddharth Vihar, which is located along the NH-4 corridor.

"We have delivered more than 50,000 flats in Delhi-NCR in the last 20 years. This has helped in creating trust among consumers," said Prateek Tiwari, MD of Prateek Group.

Established in 2005, Prateek Group is one of the leading real estate developers in Delhi-NCR.