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Grovy India and Golden Growth Fund (GGF), a Category II AIF, have jointly announced an INR 180 crore investment in three high-end residential projects in South Delhi. The developments, located in Anand Niketan, Neeti Bagh, and a forthcoming Category A colony, will offer a combined built-up area of approximately 70,000 sq. ft. The Anand Niketan project is already under construction, with the other two set to launch in the coming months. Projected sales revenue is around INR 240 crore, with an expected IRR exceeding 20% for investors. GGF, which launched its INR 400 crore AIF in September 2023, remains the only fund dedicated solely to premium land acquisitions in South and Lutyens' Delhi. Grovy India, with a legacy of over 100 luxury projects in the region, continues to strengthen its presence in this ultra-luxury segment, catering to the growing demand among high-net-worth buyers.
An investment of INR 180 crore in three residential development projects in South Delhi, one of India's most prestigious and sought-after housing markets, was jointly announced earlier this week by Grovy India, a BSE-listed real estate company, and Golden Growth Fund (GGF), a category II Alternative Investment Fund (AIF) with a strategic focus on premium South Delhi properties. Advertisement
The projects are situated in Anand Niketan, Neeti Bagh, and another yet-to-be-announced Category A colony in the region. The cumulative built-up area of these three developments is estimated to be approximately 70,000 sq. ft. Construction on the Anand Niketan project had commenced earlier this year, while the Neeti Bagh development is scheduled to break ground in the upcoming month. The third project is expected to launch within the next four months.
These developments are projected to generate total sales revenues in the vicinity of INR 240 crore. According to GGF, the investment is structured to deliver an Internal Rate of Return (IRR) exceeding 20% to investors.
According to prevailing market rates, land prices in Category A colonies of South Delhi range from INR 7 lakh to INR 15 lakh per square yard, while those in Category B colonies fall between INR 6 lakh and INR 12 lakh per square yard.
Golden Growth Fund had launched its real estate-focused AIF in September last year, with a target corpus of INR 400 crore aimed at acquiring premium land parcels across South and Lutyens' Delhi. It remains the only fund solely dedicated to this high-end residential market segment.
Grovy India, founded in 1985, has a longstanding presence in South Delhi's luxury real estate segment. Over the past few decades, the company has successfully delivered more than 100 high-end residential projects in the region, establishing itself as a prominent developer of elite housing solutions.
As South Delhi continues to attract high-net-worth individuals and end-users, the model championed by GGF targeting premium redevelopment with rapid execution and investor-first returns is poised to set new benchmarks in the ultra-luxury residential real estate market. With projects already underway and more in the pipeline, the partnership seems well-positioned to shape the future of upscale urban living in the capital.
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