In the 32-acre township, the company will develop 700 flats, 400 plots and 750 commercial units.
The township ‘Central Town‘ will be developed “with a total outlay of Rs 600 crore” being funded through banks and internal accruals, GBP group said in a statement.
The company plans to give possession of plots within six to nine months, residential units within two-three years, commercial units in 18-24 months, it added.
“In the surrounding areas of Chandigarh, prices are three times as compared to prices in Zirakpur,” said Raman Gupta, Director – Branding & Construction, GBP Group.
The demand is expected to rise in this city because of higher growth in population, he said.
Established in 2012, GBP Group has so far delivered 14 projects spread over an area of 10 million sq ft. The construction work is going on at another nine projects over an area of 6 million sq ft.