Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The National Capital Region (NCR)-based Galaxy Group has successfully secured a land parcel through a lease agreement with the Rail Land Development Authority (RLDA), a statutory body under the Ministry of Railways, for an impressive sum of Rs 356 crore. The land, strategically located in South Delhi's coveted Lodhi Colony, is slated for a transformative residential development project.
The sprawling land area, measuring 43,345.82 square meters, has been intelligently divided into three distinct sections: Part-A & Part-B (Sewa Nagar) and the iconic Lodhi Colony. Notably, a substantial portion of the land, spanning approximately 16,058.40 square meters, is earmarked for residential development. This lease agreement is granted for an extended period of 99 years, signalling the developer's long-term commitment to the project.
However, the visionary development plan doesn't stop at luxury residences. The Galaxy Group is poised to invest an additional Rs 1,000 crore to realize a comprehensive array of projects. These projects encompass an array of offerings, including flats tailored to accommodate the railway staff, ensuring a holistic and inclusive approach to the development.
The intricate land allocation strategy designates the remaining land, totalling approximately 27,282.42 square meters, located in Sewa Nagar Part-B, for a purposeful redevelopment initiative. In particular, the focus will be on transforming the existing Railway colony into a modern, sustainable urban space that meets the evolving needs of its residents.
The Galaxy Group's track record of success is firmly established, with a portfolio featuring a plethora of delivered projects in Greater Noida West. Furthermore, their influence extends into the realm of commercial ventures, with ongoing developments in key areas of Delhi, such as Old Delhi, Rohini, and Paschim Vihar. Notably, their construction prowess is further demonstrated through the creation of an expansive retail and commercial destination in Noida's Sector-63.
The strategic location of the upcoming development ensures proximity to prestigious areas, including Lodhi Colony, Chanakyapuri Diplomatic Enclave, and Golf Links. This favourable positioning is bound to enhance the project's allure, offering residents an elevated living experience with unparalleled connectivity and access to premium amenities.
The RLDA, as the driving force behind this transformative development, plays a pivotal role in leveraging railway land for multifaceted growth. Their comprehensive development plan encompasses four key mandates: commercial development of surplus railway land, colony redevelopment, station redevelopment, and the establishment of multi-functional complexes. Notably, the RLDA has been actively leasing out various sites across the nation, further contributing to the growth and modernization of railway assets and adjacent areas.
In a recent milestone, the RLDA awarded the station redevelopment project for the iconic Chhatrapati Shivaji Maharaj Terminus (CSMT) Railway Station. This prestigious undertaking is set to be executed on the Engineering Procurement and Construction (EPC) model, reinforcing the RLDA's commitment to innovative and efficient development practices.
In conclusion, the collaborative efforts of the Galaxy Group and the Rail Land Development Authority are poised to reshape the skyline of South Delhi's Lodhi Colony. This transformative residential development project not only promises luxury living but also underscores the commitment to comprehensive urban rejuvenation and sustainable growth. As the master planning and design phase takes shape, anticipation builds for a landmark project that will undoubtedly leave an indelible mark on Delhi's real estate landscape.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
