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Spaze Group in talks to acquire land in Gurgaon, to invest Rs 2,000 crore in next few years

Gurgaon based real estate developer Spaze Group in in talks to acquire various land parcels for low-rise commercial and residential development with the investment of Rs 2000 crore in next few years, a senior executive said.

The company, which has so far developed commercial and residential high-rises, said that demand for low rise development has increased post covid as it offered quick monetisation.

The developer has recently acquired 13-acre land parcel at sector 114, Gurgaon and is in talks to acquire another 17-20 acre nearby.

“We plan to come up with SCOs (shop cum office) as there is a huge demand for high-street in retail segment. In residential also, we plan to do projects under Deen Dayal Jan Awas Yojana,” said Bharat Kumar, Director, Spaze Group.

The company is looking at upcoming micro market like Dwarka Expressway and Golf Course Road extension for future development.

In the last 12 months, the company has got OCs for 5 projects, Spaze Tristaar, Spaze Apotel(Sector 47),Spaze Boulevard (Sector 47),Spaze Corporate park (Sector 69) and Privy AT 4 (Sector 84).

The company has delivered one crore sq ft till now, and has catered to 50,000 customers.

“We have successfully built and executed 11 commercial and retail spaces, 1 IT Park, and 3 residential projects to date. We are excited to expand our portfolio with more corporate offices, buildings, shopping centres, residential spaces, SCO and other commercial projects,” Kumar said.

Source : ET

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