Gulshan Group and Ourika Estates have formed a joint venture to invest more than ₹750 crore in two residential projects in Ghaziabad and Lucknow, with the developments expected to create approximately 1.5 million square feet of built-up area across 621 homes.
The first phase involves two land parcels, one in each city, for premium high-rise residential projects. The Ghaziabad project is planned to include around 346 units, while the Lucknow development is expected to have approximately 275 units. The combined gross development value of the projects is estimated at around ₹900 crore, according to people close to the deal cited by Business Standard.
The partnership has said it will initially focus on these two developments before evaluating additional land parcels across North India’s emerging growth corridors. In a joint statement, the companies described the projects as the beginning of a broader expansion roadmap.
Ourika Estates acquired the Ghaziabad parcel, measuring 8,750 square metres, from the Ghaziabad Development Authority through an auction for ₹75 crore. The land is located in Madhuban Bapudham, an area being developed as part of the city’s planned expansion. The Lucknow parcel, spread across approximately 10,328 square metres, is located in Gomti Nagar Extension and was acquired from the Lucknow Development Authority through an auction for ₹120 crore.
The two locations reflect the continuing importance of public authority land auctions in assembling sites for large residential developments. Such transactions also place the projects within the planning and regulatory frameworks of the respective development authorities, including approvals for building plans, infrastructure connections and project registration.
Gulshan Nagpal, promoter of Gulshan Group, said the companies saw an opportunity to take their development approach into new markets as North India’s growth corridors evolve. Prasoon Chauhan, director of Ourika Estates, said the platform was targeting high-potential locations for premium apartment projects.
The Ghaziabad project has moved further in the approval process. An application has been submitted to the Ghaziabad Real Estate Regulatory Authority, and construction is expected to begin by the end of this year, according to people close to the deal. In Lucknow, the project maps are under discussion, with construction expected to start by early next year.
Both projects are expected to be completed between the middle and end of 2030. The proposed timelines will require the developers to secure the relevant regulatory approvals, complete construction and meet the disclosure and delivery requirements applicable to registered residential projects.
