Kanodia Group has acquired 1.74 acres of land in Sector-46, Gurugram in Haryana for Rs 153 crore. The acquisition is for a luxury residential project with a revenue potential of Rs 1,000 crore. The move marks its entry into the luxury housing space in the NCR market, where it aims to extend its 25 years of legacy.

The acquired land is located near Medanta Hospital and Huda City Centre Metro station. Another premium project, which is a mixed-use property by IKEA is coming upin close proximity to this land.

The project is scheduled for launch by the end of this year and is expected to be completed within 48 to 60 months. As the luxury residential space continues to drive growth in the NCR real estate market, the aim is to offer the best experience to the residents. 

The Group has committed to investing more than Rs 5,000 crore in the industry over the next five to seven years, with the vision to launch a series of real estate projects with a global outlook.