Realty firm Gulshan Group has partnered with Ourika Estates to develop two projects in Ghaziabad and Lucknow with a total investment of ₹750 crore. According to reports from The Economic Times, the Noida-based Gulshan Group announced the formation of this joint venture on Monday to develop real estate projects across North India's emerging growth corridors. As per Business Standard, the platform has secured land parcels in Ghaziabad and Lucknow to develop approximately 1.5 million sq ft of built-up area across premium residential developments. The partnership is designed to create more than residential developments; it aims to establish distinctive lifestyle addresses in markets witnessing significant infrastructure, economic and demographic transformation.
The two companies have acquired land parcels through auction by respective development authorities in the first phase. As reported by The Economic Times, the land in Ghaziabad spans 8,750 square metres in Madhuban Bapudham, while the plot at Lucknow's Gomti Nagar Extension is 10,328 square metres. According to Business Standard, Ourika Estates acquired the Ghaziabad parcel for ₹75 crore from the Ghaziabad Development Authority (GDA) through an auction, while the Lucknow parcel was acquired for ₹120 crore from the Lucknow Development Authority (LDA) through an auction. The combined gross development value (GDV) for both projects is expected to be around ₹900 crore. Over the development lifecycle of these two projects, the platform plans to invest over ₹750 crore towards creating approximately 1.50 million sq ft of built-up area across premium residential developments.
The platform will start with two high-rise residential projects and will gradually add new land parcels over time. As per Business Standard, the first project in Ghaziabad will feature around 346 units, while the second project in Lucknow will have 275 units. An application to the Ghaziabad Real Estate Regulatory Authority (Rera) has been submitted for the first project, with construction expected to start by the end of this year. In Lucknow, maps are under discussion and construction is expected to start by early next year. Both projects are expected to be completed by mid to end of 2030. The Ghaziabad project benefits from connectivity to key parts of the city, including Shaheed Path, IT City and Lucknow International Airport, while the Lucknow project is positioned within Gomti Nagar Extension with access to major roads and IT-focused development. The Ghaziabad development is strategically positioned within the evolving NCR landscape, benefiting from connectivity to NH-24, the Delhi–Meerut Expressway and the RRTS corridor, providing access to Delhi, Noida and other key employment and commercial hubs.
According to The Economic Times, Gulshan Nagpal, Promoter of Gulshan Group, stated that the association with Ourika Estates is a deliberate step towards creating a larger portfolio of premium, future-ready residential addresses. Deepak Kapoor, Promoter of Gulshan Group, noted that with these two strategically located developments in Ghaziabad and Lucknow, they are extending the Gulshan philosophy of quality, design and elevated living into new markets. Prasoon Chauhan, Director of Ourika Estates, emphasized that with an initial investment outlay exceeding ₹750 crore, this vehicle is built to perform. As per Business Standard, Gulshan Nagpal noted that as North India's growth corridors evolve, they see a significant opportunity to take this philosophy into new markets, while Prasoon Chauhan added that together, they are targeting high-potential locations to build world-class apartments that set a new paradigm for premium urban living. The developments will be shaped around the aspirations of a new generation of homeowners, with a strong emphasis on thoughtful architecture, contemporary lifestyles and uncompromised execution.
As reported by The Economic Times, Gulshan Group has developed many housing projects in Delhi-NCR, while Ourika Estates has a presence across key urban centres in Uttar Pradesh, including Bareilly, Ayodhya, Ghaziabad and Lucknow. According to real estate consultant PropTiger, housing sales across eight major cities fell 6 per cent year-on-year to 91,729 units in the April-June quarter due to low demand, with buyers being cautious amid global uncertainties. In Delhi-NCR specifically, sales fell 7 per cent annually to 9,352 units from 10,051 units. With more than ₹750 crore planned across the two projects, the developments add significant new premium housing supply to Madhuban Bapudham and Gomti Nagar Extension, two locations already positioned within the growth plans of their respective cities. The platform will continue to evaluate strategic opportunities across North India's emerging growth corridors, with the initiative representing a natural extension of Gulshan Group's journey taking its philosophy of quality, design and elevated living beyond established markets.
