Gulshan Group, Ourika Estates to Invest 750 Cr in UP Housing

Gulshan Group and Ourika Estates form a joint venture to invest over ₹750 crore in premium residential projects in Ghaziabad and Lucknow, targeting around 1.5 million sq ft of built-up area.

Gulshan Group and Ourika Estates have formed a joint venture to develop two premium residential projects in Ghaziabad and Lucknow, with a planned investment of more than ₹750 crore. The development platform is expected to create approximately 1.5 million square feet of built-up residential space across the two projects. 

As part of the first phase, the partners have secured two land parcels through auctions conducted by the respective development authorities. The Ghaziabad parcel spans around 8,750 square metres in Madhuban Bapudham and is acquired from the Ghaziabad Development Authority. The second parcel, measuring approximately 10,328 square metres, is located in Gomti Nagar Extension, Lucknow, and is acquired from the Lucknow Development Authority.

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The two developments are planned as high-rise premium housing projects. According to reports, the Ghaziabad project is expected to comprise around 346 residential units, while the Lucknow development is planned with approximately 275 units. Together, the projects are expected to have a gross development value of around ₹900 crore.

The Ghaziabad land parcel is acquired for approximately ₹75 crore, while the Lucknow plot is acquired for around ₹120 crore. The Lucknow location in Gomti Nagar Extension offers connectivity to Shaheed Path, IT City and Lucknow International Airport, supporting its positioning within one of the city’s developing residential corridors.

The partnership is part of a broader expansion strategy by both developers, with the companies evaluating additional opportunities across emerging growth corridors in North India. Gulshan Group states that the collaboration is intended to expand its portfolio of premium and future-ready residential developments beyond its established Delhi-NCR presence.

Ourika Estates, which has a presence across several urban centres in Uttar Pradesh, is also seeking to expand its residential portfolio through the new platform. The partners indicate that Ghaziabad and Lucknow represent the first phase of a wider development roadmap.

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Construction timelines are progressing at different stages. The Ghaziabad project is expected to begin construction by the end of 2026 after the regulatory application process, while construction in Lucknow is expected to commence in early 2027. Both projects are targeted for completion between the middle and end of 2030, according to reports.

The joint venture comes as developers continue to assess premium housing opportunities across North India, with infrastructure development and changing consumer preferences supporting demand for branded residential projects. The Gulshan-Ourika platform is expected to evaluate further land opportunities as it expands its presence across emerging markets in the region.