Realty firm Karyan Group announced its decision to invest ₹900 crore to develop a luxury housing project in Ghaziabad, Uttar Pradesh. According to reports from Fortune India and The Economic Times, this represents the company's first housing project in this segment. The project will feature 608 units in the luxury residential development 'Trevana Residences', strategically located on NH-24 opposite Wave City. As per Fortune India, 150 units have already been booked during the pre-opening phase, demonstrating strong initial market response.
The luxury residential project will comprise 3 and 4-BHK apartments with premium amenities including a 45,000 sq ft clubhouse, landscaped greens, bowling alley, pickleball and paddle courts, among other facilities. According to Hindustan Times, the project is located along the high-growth NH-24 corridor with connectivity to Delhi, Noida and Meerut, while also benefiting from upcoming metro expansion and infrastructure upgrades in the region. The company has already invested nearly ₹150 crore into the project through internal accruals, with the remaining ₹750 crore to be funded through internal accruals.
As reported by Fortune India, Karyan Group Director Varun Garg stated the company is targeting an estimated revenue of nearly ₹1,500 crore from this project. The homes and penthouses will be priced in the range of ₹2-6 crore, targeting the premium housing segment. The project spans a saleable area of 16 lakh sq ft and is scheduled for completion by 2030. The company has already invested nearly ₹150 crore into the project through internal accruals, with the remaining ₹750 crore to be funded through internal accruals.
According to The Economic Times, the luxury housing project announcement comes amid a broader luxury goods boom driven by South Korea's Kospi market surge. Teenagers and young adults are leading this spending spree, with pent-up consumer desire and limited real estate and overseas travel options fueling demand. However, concerns remain about potential consumption contraction if the market declines. In India's real estate sector, growth is expanding beyond metros to Tier-II cities, supported by infrastructure upgrades, with demand tilting towards larger homes and niche segments like senior living. The housing demand in Ghaziabad remains particularly strong, as evidenced by recent market trends.
According to Fortune India, Garg indicated that the investment will be funded through internal accruals, with the possibility of taking bank loans if required for construction purposes. He expressed confidence in the housing demand in Ghaziabad, expecting good customer response. The company currently operates as a debt-free entity and has already invested nearly ₹150 crore into the project through internal accruals. Garg stated that the company does not foresee an immediate requirement for external fundraising for ongoing projects, but would prefer debt financing over equity dilution if additional funding is needed. Commenting on the project's conceptualization, Garg told Hindustan Times that the project aims to redefine premium living along the NH-24 corridor through a combination of luxury, connectivity and community-focused infrastructure.
