Essel Group enters realty sector

Mumbai-based business conglomerate Essel Group on Monday announced its foray into the real estate sector and is set to launch the first affordable housing project at Panchkula in Haryana, next month with homes priced between Rs 15 lakh and Rs 25 lakh.

“Under Asha 2022, we aim to build 2 lakh homes by 2022 and are set to sign a deal with a Japanese company, which has experience in the affordable housing segment,” Group Chairman Subhash Chandra told reporters at a press conference in New Delhi.

The company plans to invest Rs 800 crore in the first phase of operations, which will cover north India. The proposed projects are in Panchkula, Hisar, Bahadurgarh and Rohtak, all in Haryana.

Chandra said after Haryana, housing projects will be launched in Uttar Pradesh. “We are looking for partners in other states,” he added. Essel Group will facilitate projects in terms of technical know-how, management execution skills, and is scouting for partners to come on board.