Adore Group buys 5.5 acre land in Faridabad for Rs 124 crore; to develop Rs 600 crore worth housing project

Realty firm Adore Group has bought a 5.5-acre land in Faridabad from the Haryana government for Rs 124 crore to develop a luxury housing project.

The company said in a statement on Wednesday that it has "purchased 5.5 acres of land parcel in Sec"76 in Faridabad from the Haryana government, following a payment of Rs 124 crore."

The company will develop a luxury housing project, comprising 200 units, with an aggregate saleable value of close to Rs 600 crore.

The project will be launched in Diwali this year and is slated to be completed in the next four years.

"With the new project, we will be primarily focusing on the thriving higher mid-income and premium home buyers & investors in the Faridabad market," said Jetaish Gupta, Founder & Director, Adore Group.

He said the demand for housing across all price categories is strong in Faridabad, helped by improvements in infrastructure in the city and better connectivity to Delhi, Noida, and Gurugram.

Adore was started in 2015 and it has executed 15 projects with a cumulative area of 10.11 million square feet so far.