Real estate company Prateek Group will invest over ₹2,000 crore to develop a premium housing project in Ghaziabad’s Siddharth Vihar area. The project will target both end-users and investors.
On January 10, the company announced the launch of its new project, Prateek Grand Begonia, which is spread across 15 acres and comprises 2,400 flats.
The company will invest over ₹2,000 crore to construct the new project for which construction work has already commenced. “The project will be delivered in the next five years. We expect a sales revenue of more than ₹5,000 crore in this project,” Prateek Group CMD Prashant Tiwari told reporters.
The project will have a total of 2,400 units (as part of the first and second phases) in 2,3, and 4 BHK configurations.
“We have already developed and delivered 4,500 flats in Siddharth Vihar. We are now starting a new housing project suitable for end users and investors,”
Around 1200 apartments are being offered as part of the first phase, for which the company has launched a 30:70 payment plan. “We will take only 30% of the apartment cost from buyers at the time of booking and the remaining 70% at the time of possession,” said Tiwari.
The apartments cost ₹1.2 to ₹2.75 crore, and the per-square-foot rate is ₹11,000.
Before the launch, Prateek Group sold more than 400 flats at around ₹9,000 per square foot.
Tiwari told reporters that the company plans to develop a school and a shopping mall near the project. The company has a 40-acre land parcel in Siddharth Vihar.
Prateek Group was established in 2005. It has several projects in Ghaziabad and Noida. The company launched its first luxury project in Noida, Prateek Stylome, in 2011, followed by Prateek Edifice in 2013.
About Siddharth Vihar
Siddharth Vihar is an emerging locality in Ghaziabad surrounded by areas such as Vijay Nagar, Pratap Vihar, Vasundhara, and Indirapuram. It comprises several multi-story apartment projects by prominent real estate developers and Uttar Pradesh Awas Vikas Yojna.
