Migsun group acquires 9-acre land in Delhi’s Rohini for Rs 265 crore

Realty developer Migsun Group has acquired a 9-acre land parcel in Delhi’s Rohini area for Rs 265 crore to develop a retail high street project, the company’s managing director, Yash Miglani, told ET.

The company will invest another Rs 500 crore to develop 1 million sq ft of space in the land parcel, Miglani said.

The developer is also looking to purchase additional floor area ratio (FAR), as per the new master plan approved by the Delhi Development Authority (DDA).

"With this, we are entering the Delhi market. The Rohini market is underserved, and a retail project will service the needs of the locals," said Miglani.

"The draft master plan for Delhi is now approved and will allow the purchase of additional FAR," said Miglani. “While the first phase will take three years, if we feel there is scope for more development, we will purchase FAR and develop another million square feet of retail space above it.”

The company is looking to develop projects in Delhi, Lucknow and Dehradun.

"This land acquisition will help us strengthen our presence in North Delhi. Rohini is one of the fastest-growing commercial real estate markets in Delhi-NCR, and we thought that this was an opportune time to tap into this lucrative market and give consumers a high-street retail experience," said Miglani.

The Migsun Group expects to deliver the high-street commercial project within three years.

The developer has recently acquired 26 acres of land in Lucknow for Rs 220 crore to develop a residential and retail project.

Migsun Group had also acquired real estate developer Ansal's stake in Ansal IT City Park (SEZ) Tech Zone, and later bought HDFC's 37% stake in it for about Rs 50 crore, taking full control of the SEZ.

The company now plans to develop the 37.5-acre mixed-use project with built-to-suit commercial, IT, and industrial units.

Migsun Group has delivered more than 40 projects in Delhi-NCR and developed more than 20 million sq ft of land in different pockets of the territory. The majority of its commercial Migsun projects are located in Ghaziabad and Greater Noida.