Golden Growth Fund to Raise INR 400 Crore for Luxury Land Acquisition in South Delhi

Golden Growth Fund (GGF), a category-II alternative investment fund, is planning to raise ₹400 crore to invest in land acquisition in South Delhi, with the goal of developing luxury floors. The fund has already completed its first round of fundraising and has acquired a land parcel in the upscale Anand Niketan residential colony in South Delhi.

Targeting the Lucrative South Delhi Market

South Delhi is known for its supply-constrained real estate market, particularly for luxury housing. With local builders often redeveloping low-rise buildings and selling individual floors for as much as ₹30 crore each, GGF sees a significant opportunity. The fund has partnered with Grovy India for the development and is aiming to acquire 8-10 plots within the year. The first project under this initiative involves a ₹50 crore investment, including land acquisition, with an expected return of ₹65 crore.

Increasing Demand for Luxury Residences

Industry experts have observed a rise in plot acquisitions in South Delhi, driven by the growing demand for luxury residences with modern amenities. Builders are actively purchasing old assets, constructing multiple floors, and selling them independently. Ankur Jalan, the chief executive of the fund, noted that while South Delhi's real estate market offers immense potential, it has traditionally lacked transparency. He emphasized that this fund provides a transparent investment opportunity, offering better returns for investors.

Redeveloping Prime Land into Ultra-Luxury Residences

The land acquired by GGF will be redeveloped into an ultra-luxury residential project, consisting of four apartments spanning a total area of approximately 17,000 sq ft. Grovy, a developer with over 100 completed real estate projects in Delhi, will handle the construction of the first project. This endeavor is part of GGF's broader strategy to aggregate prime land parcels in South Delhi and transform them into high-end residential properties.