Punjab-based GBP Group plans to invest Rs 1,600 crore in residential, commercial projects

The company plans to launch two commercial and three residential projects this year

Punjab-based developer GBP Group, active in the Tricity region, plans to deliver 20 lakh sq ft of residential and 10 lakh sq ft of commercial space by 2022 and will invest close to Rs 1,600 crore for the projects, the company said.

The company plans to launch five new projects this year – two commercial and three residential – in areas such as Peer Muchalla, Airport Road, New Chandigarh, Derabassi, and Mohali Extension.

The group plans to complete its commercial project Centrum by December 2022. It has ventured into the residential plots segment in GBP Smart City in Mohali. The cost of this project is Rs 100 crore and will be funded through promoter funding, and bank loan, the company said.

The plots are located close to Airport Chowk and an upcoming four-lane expressway is slated to be fully functional in a year.

It plans to develop two commercial projects – Aerocity and IT City – located in Mohali.The company sold as many as 295 units after the lockdown which is around Rs 200 crore of business. The residential units are in Camellia in Kharar (90), Athens (100 units) in Zirakpur, Techtown (30) in Mohali. The commercial project is Centrum (30) in Zirakpur, and Dera Bassi (45), it said.

News Source – Money Control