According to a senior official at Migsun, the company is in conversations to purchase three stressed ventures in the NCR with a total growth potential of 30 million square feet. The company will spend Rs 4,500 crore over five years to develop the buildings and form a JV with the current owner.
The company is nearing signing off the deal with three separate developers. Aside from these three projects, the company is negotiating with the NCLT to take over another residential project.
The projects will be built using the JV and DM models. We will seek construction for the township and community housing schemes in the residential sector. Our strategy to revive stalled projects cannot affect new demand. It will, however, offer relief to aggrieved homebuyers who have been waiting with bated breath for their real estate asset. It will, however, go a long way toward improving general customer confidence as well as helping to correct the supply side of the real estate industry,” Miglani said.
“Our plan to resurrect delayed projects might not have a significant effect on a new market, but it will grant relief to aggrieved homebuyers who have been waiting for their real estate asset with bated breath. However, it would go a long way toward enhancing overall consumer sentiment as well as helping to fix the supply side of the real estate market,” said Miglani.
Migsun has newly obtained 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% IT/ITeS offices, 15% industrial, and 15% commercial. According to multiple reports, more than 4 lakh stuck units in projects launched in 2013 or before, out of which around 70% are in MMR and NCR.
The company executes 16 projects, both residential and commercial, in various parts of Delhi and its suburbs.
About Migsun-
With uncompromising loyalty towards working in the real estate sector with immediate executions and top-notch services, Migsun has noted a legacy of 27 years with trust & credibility. With the purpose to grow high-quality real-estate icons beyond people’s reach, Migsun Group is committed to creating magnificent, resilient, and future-ready designs and cities with a global viewpoint by providing residential, commercial & retail products to its customers.
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