Gulshan Group Partners Ourika Estates in ₹750 Crore Joint Venture for Projects in Ghaziabad and Lucknow
Joint Venture Framework
Noida-based developer Gulshan Group has entered into a joint venture with Ourika Estates to invest over ₹750 crore to develop two residential projects in Ghaziabad and Lucknow. As part of the first phase of this partnership, the platform has secured two land parcels in Ghaziabad and Lucknow, aiming to create approximately 1.5 million square feet of built-up area across premium residential developments.
The combined gross development value for both projects is expected to be around ₹900 crore.
Project Scale and Composition
The two parcels will hold one project each, around 346 units in Ghaziabad and another 275 units in Lucknow. The platform will start with two high-rise residential projects and will gradually add new land parcels over time.
Land Acquisition and Locations
Ourika had acquired the first parcel, spanning 8,750 square metres in Madhuban Bapudham, Ghaziabad, for ₹75 crore from the Ghaziabad Development Authority through an auction. The other parcel, spread across approximately 10,328 square metres, is located in Gomti Nagar Extension and has been acquired from the Lucknow Development Authority for ₹120 crore through an auction.
The Lucknow location has access to Shaheed Path, IT City and Lucknow International Airport.
Strategic Intent
The initial developments mark the beginning of a larger expansion roadmap, with the platform actively evaluating opportunities across North India's emerging growth corridors. "As North India's growth corridors evolve, we see a significant opportunity to take this philosophy into new markets," said Gulshan Nagpal, promoter, Gulshan Group.
Building on over three decades of trust, design excellence and execution, Gulshan Group, one of North India's established premium real estate brands, has announced a strategic development platform with Ourika Estates to create a portfolio of premium residential addresses across high-growth urban corridors.
Developer Background
Gulshan Homz was started in Delhi in 1989, and began constructing independent homes in East Delhi. The focus later shifted to building premium multiple housing projects in the Delhi-NCR region. Gulshan Homz has delivered 4,581 units in total.
Ourika Estates Profile
Ourika Estates has a presence across key urban centres in Uttar Pradesh, including Bareilly, Ayodhya, Ghaziabad and Lucknow. Ourika Estates offers premium villas, plotted developments, serviced apartments, and commercial spaces across Ayodhya, Bareilly, and NCR.