Migsun Group to invest Rs 4,500 crore to finish 5-7stuck projects in Greater Noida

NCR-based real estate company Migsun Group has announced that it is planning to take up five to seven stuck projects in Greater Noida and invest Rs 4,500 crore in their construction.

"The company is planning to take up five to seven such projects spread across 3 crore sq ft," said Yash Miglani, managing director, Migsun Group.

According to estimates, there are more than 4 lakh stuck units in projects launched in 2013 or before, out of which around 70% are in MMR and NCR.

The group recently announced the acquisition of HDFC and Ansal Properties & Infrastructure Ltd's stake in Ansal IT City Park (SEZ) Tech Zone, Greater Noida, and plans to develop the 37.5-acre mixed-use project. The project will have 50 per cent IT/ITeS offices, 15 per cent industrial, and 15 per cent commercial.

"We are committed to making Noida a commercial hub; the new project is in line with our endeavour to provide world-class real estate in the Noida region. We have committed ourselves to deliver projects on time. The time is ripe as there is a positive sentiment in the market," said Miglani.

By developing the project, the Group wanted to be a part of the growth story and bring in employment opportunities, Miglani added. The company is executing 16 projects, both residential and commercial, in various parts of Delhi and its suburbs.