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Silverglades Group to invest Rs 500 crore to develop “Hightown,” a luxury mixed-use project in Gurugram

Silverglades Group to invest Rs 500 crore to develop “Hightown,” a luxury mixed-use project in Gurugram
  • Hightown is spread over 5-acre and it will have 260 high end 3-4 BHK apartments and 3 lakh sq ft of commercial/retail space.
  • Hightown is located in sector 28, Sushant Lok 1, bang opposite Laburnum and apartment price ranges from Rs 3.5 crore to Rs 5.5 crore.
  • Silverglades is offering rent up to Rs 70,000 per month to customers who book an apartment in Hightown.

New Delhi, February 13: Real estate developer Silverglades will invest around Rs 500 crore to build an ultra-luxury mix-use residential project in Gurugram, Haryana. Silverglades will construct 260 high end 3-4 BHK apartments and 3 lakh sq ft of commercial retail space in this mixed-use project.

“We are developing a new luxury housing project in Gurugram. There is very limited availability of luxury housing units in the heart of the city. We are targeting to cater to this need” Silverglades Group CEO, Anubhav Jain said.

The demand in luxury housing segment has risen after the outbreak of the pandemic as people are realizing the importance of home ownership. Larger apartments are being preferred by prospective home buyers. “We have already sold 25 per cent of our inventories in last three months,” he said.

The project will be delivered in the next 4-4.5 years. Silverglades has also launched a limited offer under which it is giving rent up to Rs 70,000 per month to customers who have booked apartments in this project. The rent will be paid for a total period of four years.

The scheme ‘LET US PAY FOR YOUR STAY (Book Today, Rent Start Tomorrow)’ will be available for the next two months. Silverglades will invest about Rs 500 crore on the development of this project. This will be funded through equity contributions and internal accruals.

The company will sell apartments in a price range of Rs 3.5 crore to Rs 5.5 crore in this project. The commercial area, comprising retail and office spaces, will be sold as well as leased out.

Hightown Residences is comfortably located in Sector 28, Sushant Lok 1, a quaint neighbourhood surrounded with prestigious schools, hospitals, shopping centers and hotels. A mere minute away from Gurugram’s arterial roads, and a place many of the premium gentry call home.

Silverglades is one of India’s leading boutique developers, specializing in residential housing, commercial, township projects and golf-based leisure developments.

It has completed Six projects so far. Mr Pradeep Jain who is the promoter of Silverglades group had co-promoted The Laburnum in JV with ITC Limited. Then Silverglades group went on to deliver The IVY, Tarudhan Valley Golf Resort, The Peach Tree and Merchant Plaza and Classic Golf Resort.

Silverglades is currently developing three projects—a) The Melia—a housing project spread over 17.5 acres. B) Melia First Citizen for senior living c) Hill Home at Kasauli in Himachal Pradesh.

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