Arttech acquires 7.3-acre land for Rs 70 crore in Faridabad

Real estate developer Arttech has acquired a 7.3-acre land parcel for Rs 70 crore in Faridabad, said a senior company executive.

The company plans to develop a one million-square-foot affordable housing project at the site, which is located near the upcoming Jewar airport.

“Faridabad is taking giant leaps forward in terms of development with an infrastructure boost and economic growth,” said Saurabh Shatdal, managing director-capital markets, Cushman & Wakefield India, which facilitated the deal. “The city is fast emerging as a real estate hotspot in NCR (National Capital Region) with the presence of multinational companies, manufacturing hubs, economic zones and industrial corridors strengthening its position in the market.”

The company aims to complete the project within four-five years of the launch.

“Faridabad is destined to set a new benchmark in the real estate sector,” said Sandeep Gupta, managing director, Arttech, pointing to the opening of Jewar airport and connectivity to the Mumbai expressway.

CLS Finance is the lender for Arttech’s land financing.

Recently, Gurgaon-based Elan Group acquired 40 acres of land from Indiabulls Real Estate for Rs 580 crore in Sector 106, Dwarka Expressway, Gurgaon, in one of the biggest recent land deals in the country.

More than 1,757 acres of land was bought by developers and other groups in the top seven cities between the third quarter of 2020 and November 2021 in 45 separate deals, according to Anarock Property Consultants.

Of the total transacted land area, about 69% or 1,205 acres of the land is proposed to be developed into multiple residential projects across these cities. The total development potential of these deals works out to at least 45 million sq ft of residential area.

The top developers who bought land parcels for residential developments include Godrej Properties, Sunteck Realty, Ashiana Housing, Mahindra LifeSpaces, M3M Group and Runwal Developers.