Golden Growth Fund, Grovy to invest Rs 180 cr to build 3 housing projects in South Delhi

New Delhi, May 29 (PTI) Golden Growth Fund (GGF) and realty firm Grovy India will invest Rs 180 crore to develop three housing projects in South Delhi.

The GGF is a category II real estate-focused Alternative Investment Fund (AIF), which invests in South Delhi projects.

"The investment has been made in Anand Niketan and Neeti Bagh, while the third project, in another Category A colony in South Delhi, is expected to come up in the next four months," a company statement said.

The cumulative area of the three projects is about 70,000 square feet. The construction on the project in Anand Niketan commenced in January 2025, while the same in Neeti Bagh will begin next month.

The sales potential of the three projects is in the tune of approximately Rs 240 crore.

Ankur Jalan, CEO of Golden Growth Fund, said, “These investments in South Delhi reiterate our commitment to developing and delivering not just high-quality projects but also ensuring a safe and stable 20 per cent + IRR to our investors." The non-volatile nature of the South Delhi real estate market has led to increased investment, he added.

South Delhi has around 18,500 privately owned residential plots, categorised as A, B, C and others by MCD, with a current market value of Rs 5.65 lakh crore, presenting a huge opportunity for project development.

The average price of plots in Category A colonies range from Rs 7-15 lakh per square yard. while the average price in Category B colonies ranges from Rs 6-12 lakh per square yard.

Golden Growth Fund launched a real estate-focused AIF in September 2024 with a commitment to raise Rs 400 crore to acquire land in South and Lutyens Delhi.

Listed entity Grovy India Limited was established in 1985 and has since then developed and delivered over 100 luxury projects in South Delhi. PTI MJH MJH SHW