Kanodia Group buys 1.74 acre land in Gurugram for Rs 153 cr to build luxury housing project

New Delhi: Kanodia Group on Tuesday said it has bought 1.74 acre land in Gurugram for Rs 153 crore to develop a luxury housing project.

Kanodia Group, which is into the cement business, has recently announced its plan to enter into the real estate sector and invest Rs 5,000 crore over the next 5-7 years.

"The 1.74-acre land, located in Sector 46, Gurugram, has been acquired for approximately Rs 153 crore," the statement said.

Gautam Kanodia, Co-Founder of Kanodia Group, said, "This acquisition marks our entry into the thriving luxury residential space in the NCR market." This acquisition is the first step in the group's journey to establish itself as one of the leading professionally run real estate outfits in the country, he said.

"We plan to generate revenue in excess of Rs 1,000 crore from this project. The project is scheduled to be launched by the end of this year and is expected to be completed within 48 to 60 months," Kanodia said.