The Noida-based developer, Gulshan Group, has entered into an agreement to establish a joint venture (JV) with Ourika Estates. The goal of this partnership is to invest over ₹750 crore in the development of two residential projects in the cities of Ghaziabad and Lucknow.
As part of the initial phase of cooperation, the platform secured land parcels in Ghaziabad and Lucknow. The plan is to create a total built-up area of approximately 1.5 million square feet across these elite residential complexes.
According to sources close to the deal, each parcel will be used for one project: around 346 apartments in Ghaziabad and 275 apartments in Lucknow. The total gross development value (GDV) of both projects is estimated at approximately ₹900 crore.
The company plans to start with two high-rise residential projects and subsequently acquire additional land parcels. In a joint statement, the companies noted that these initial developments mark the beginning of a larger expansion roadmap, and they are actively exploring opportunities in the growing corridors of North India.
Ourika previously acquired the first plot of 8,750 square meters in Madhuban Bapudham, Ghaziabad, for ₹75 crore through an auction conducted by the Ghaziabad Development Authority (GDA). The second plot, measuring approximately 10,328 square meters, is located in Gomti Nagar Extension and was purchased from the Lucknow Development Authority (LDA) for ₹120 crore via auction.
Gulshan Nagpal, promoter of Gulshan Group, stated that he sees significant opportunities to implement his philosophy in new markets as the growth corridors of North India develop. Prasun Chauhan, Director of Ourika Estates, added that the company focuses on locations with high potential for constructing world-class apartments that set a new standard for premium urban living.
Regarding timelines, sources reported that the application for approval from the Ghaziabad Real Estate Regulatory Authority (RERA) has been submitted for the first project, and construction is expected to commence by the end of the current year. In Lucknow, the maps are under discussion, with construction expected to begin early next year. Both projects are scheduled for completion by mid to late 2030.