Documents show that these apartments ranging between 7,430 sqft and 10,813 sqft were booked and purchased between 2017 and 2023 but the conveyance deeds were executed in March 2024. The cumulative price of these properties was Rs 127.5 crore.
These will be all mid-segment and affordable category units which were launched in 2021-22 in Gurugram and Sohna. These projects have revenue recognition of Rs 11,000 crore.
The deal consummation will help Transindia Real Estate Limited (TREL) realize substantial value from this divestment and continue to have zero debt, the company said in a statement.
The company said that it has secured RERA registration for the housing project and expects to generate a topline of Rs 1,800 crore from the sale of 248 luxury apartments in the high-rise project.
The real estate sector is in the middle of an upcycle fuelled by demand-supply balance, low inventory, favourable affordability, and gradual price hikes.