GBP Group plans ₹1,600-cr realty projects

The Punjab-based developer, GBP Group, plans to build 20 lakh sq ft of residential and 10 lakh sq ft of commercial space by the end of 2022 and will invest ₹1,600 crore in the targeted projects. The company plans to launch five new projects this year - two commercial and three residential - in areas such as Peer Muchalla, Airport Road, New Chandigarh, Derabassi, and Mohali Extension. The group plans to complete its commercial project Centrum by December 2022 and has also ventured into the residential plots segment in GBP Smart City in Mohali where the cost of this project is ₹100 crore, and will be funded through promoter funding and a bank loan. The plots are located close to Airport Chowk and an upcoming four-lane expressway is slated to be fully functional in a year and will also develop two commercial projects - Aerocity and IT City - located in Mohali. The company sold as many as 295 units after the lockdown which is around ₹200 crore of business. The residential units are in Camellia in Kharar (90), Athens (100 units) in Zirakpur, Techtown (30) in Mohali and the commercial projects included the Centrum (30) in Zirakpur, and Dera Bassi (45).