One of the most talked-about Ashtech Group companies, known for its wide range of construction materials and development of urban infrastructure, has revealed a massive plan for its real estate debut. The company is going to develop a luxury housing project worth roughly ₹1,800 crore in Greater Noida. This can be seen as a major bold move of expansion for the group which has primarily depended on sectors like construction and associated businesses which are already mature markets.
The company added that the upcoming project will be on a piece of land that measures 5.6 acres and is paid in full. Ashtech purchased the plot from the Greater Noida authority at a price of close to ₹300 crores, thus heralding a new phase for the company in the region’s tough real estate market. By doing so, the firm is also betting on the Delhi-NCR real estate market as the fuel of the future of the real estate market in the area.
Mr. Sumit Agarwal, Director of Ashtech Group, shared the company's diversification strategy with the public. The gist of his statement was that the group has set up a robust base in multiple allied sectors such as fly ash bricks, AAC Blocks, Ready-Mix Concrete (RMC), Pre-Engineered Buildings, large-scale infrastructure, and power infrastructure. Indicating the company's positioning for this milestone, Mr. Agarwal said, "We believe this is the right time to extend our expertise to real estate development,".
The company made an additional declaration that in the near future they would reveal the initial stage of the Greater Noida luxury housing project. As a matter of fact, there is no handout of design, layout, or features of the project, but it is supposed to be a source of demand for luxurious residential units locally. Greater Noida is considered to be a trendy place and, therefore, one of the most attractive real estate hubs in the northern part of India. The reason for such a phenomenal popularity is mostly transport facilities having been improved, commercial activities have been invigorated, and the interest of property developers and new-home buyers has been rising.
Delhi-NCR-based Ashtech Group has achieved a turnover of ₹500 crores in the last fiscal year. The company is now planning to stage a series of real estate projects over the next few years to accomplish their planned expansion. Its coming is like a breath of fresh air as the Indian real estate sector has been on an upswing since 2022. Demand for both housing and commercial properties has been going up, and property prices have also improved significantly. The post-pandemic boom has also contributed significantly to the land costs going up, and thus the already well-established companies have found it wise to diversify and invest in the urban markets that have greater potential.
In the wake of its real estate debut, Ashtech Group aims to harness its construction-oriented expertise to create large-scale, luxury projects. It is through the Greater Noida project that the company plans to make its first-sector real estate venture a flagship one, thereby setting the standard for its upcoming projects.
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