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GBP plans multiple projects in Punjab

Tricity’s developer GBP Group has plans to deliver 20 lakh sq ft residential and 10 lakh sq ft commercial projects by 2022. The total investment in all the projects would be around Rs 1,600 crore, said a press release.

The Group, it said, has a futuristic project in the commercial segment called Centrum that will become Tricity’s third-largest commercial space. Slated for completion by December 2022, it offers a wide range of inventory in retail shops, multiplex, Soho, Office spaces, studio, hotels, banquet halls and food courts.

The Group has also ventured into providing residential plots at GBP Smart City in Mohali. The cost of this project is Rs 100 crore and it will be funded through promoter funding and bank loan. The plots, said the release, are close to Airport Chowk, the epicentre of bustling activities

Overall, the Group is planning to launch five new projects this year, two commercial and three residential, in areas like Peer Muchalla, Airport Road, New Chandigarh, Derabassi, and Mohali Extension.

Raman Gupta, Director, Branding & construction, GBP Group, said, “We are very positive with our delivery timelines, it is only possible due to the support from our associated stakeholders. The lockdown has established multiple trends in the real estate sector, it is only a matter of time that some of them would stay. Customer preferences have changed to a great extent, real estate is increasingly being viewed as an investment opportunity by a large section of buyers; this was not the case in pre-COVID times. The prevalent market scenario is also motivating for the buyers to enter into a real estate agreement. Our efforts remain to offer a real estate development for the distinct sections of buyers through our multiple projects.”