Adani Realty Business and Delhi-based realtor M2K Group will jointly develop residential projects on 41 acres of plot the latter owns in Gurgaon, near Delhi, marking Adani’s foray into the Delhi-NCR.
The real estate arm of the ports-to-edible oil Adani group will develop two projects on separate parcels of land. The projects will cost Rs.1,500 crore and both developers will share costs and revenues equally. Towards the cost of land, Adani Realty has paid Rs.100 crore to M2K. Another Rs.100 crore will be paid in phases.
“The land parcels are spread over 18 acres and 23 acres along the Dwarka-Manesar expressway. These are estimated to provide us 3 million square feet of saleable space,” said Tarvinder Singh, chief executive officer of Adani Realty.
