With its foray into Tier 2 cities, Trident Realty has recently acquired a 200-acre land in Panchkula, Haryana, and plans to invest Rs 3,000 crore on developing a township on the plot.
The project will be developed in phases, with investments spread over a five to seven-year period. In the initial phase, the company intends to develop a 125-acre land parcel with housing and communal facilities.
Speaking about the land acquisition, S K Narvar, Group Chairman, Trident Realty, said, “This move marks our entry into a Tier II city. We have similar developments planned in Ahmedabad, Baroda, Nasik, Jammu, and Pune. The real estate sector has picked up in the last two years, and we have planned expansion accordingly.”
He added, “Tier 2 cities have emerged as the new growth potential, and with the aspirational class living there, they are looking for gated communities with all the facilities. With integrated development, we intend to provide all the facilities in one township.”
Trident Realty has acquired the land through the National Company Law Tribunal (NCLT) and will help over 400 homebuyers in acquiring a home a decade after they booked the property.
As a part of the resolution process, the company has paid Rs 160 crore to HDFC, Rs 65 crore to Axis Bank, and Rs 95 crore to the Haryana government. Additionally, it has taken a credit line of Rs 100 crore from the IndusInd bank.
Further, the company is to pay Rs 62.96 crore as external and internal development charges (EDC/IDC) to the Haryana government.
Trident Realty has a strong presence in Delhi NCR and MMR. The company has developed projects in Greater Noida and Mumbai and plans to continue expanding in these two cities.
According to a CBRE report, Tier-II cities are poised to be major growth drivers in India in the coming years due to their booming real estate market, increasing connectivity, infrastructural development, quality of life, favourable work environments, and sustainability. Therefore, branded real estate developers are increasingly adding such cities to their portfolios to capitalise on their growth potential.
