NEW DELHI: Gillco Group plans to invest ₹800 crore in the Gillco Meraqui residential project located in sector 126, Mohali, as announced by the company’s Managing Director, Tejpreet Singh Gill.
The development will feature 444 apartments across six towers, promising a total revenue potential of approximately ₹2,300-2,400 crore. The company has opened sales for 250 apartments, investing around ₹400-450 crore. Expected sales from these units are estimated at ₹1,200 crore.
Situated on 12 acres along PR-7 Airport Road, the project will offer 3+1 and 4+1 bedroom apartments, with starting prices around ₹4 crore and a rate of approximately ₹11,500 per sq ft.
Gill noted that the company has held this land for over ten years, having acquired it in 2010. “This is an advantage for us since the land is already in our possession,” he stated.
The project is projected to have a saleable area of about 16.23 lakh sq ft, with a total built-up area, including basements, approximating 22 lakh sq ft. Completion is anticipated within four years, designed by Morphogenesis with Essajees Atelier as the interior consultant.
This launch signifies the company’s transition from budget and premium housing to luxury residential development. “We aim to position ourselves as a premium brand and will focus solely on luxury developments moving forward,” Gill remarked, highlighting the increased demand for larger, well-designed homes in Mohali and the broader Chandigarh region.
The company, debt-free, will finance the investment in Meraqui internally. They reported a turnover of ₹2,500 crore for FY26 and anticipate revenues of ₹6,000 crore within the next 5-6 years, maintaining a profit margin between 50-60%.
Currently, Gillco Group holds a land bank of approximately 270 acres, which includes 70 acres on Airport Road, 100 acres in New Chandigarh, and 100 acres of industrial land. Plans for a plotted residential development on the New Chandigarh land are underway. “We acquired this land in 2024 for around ₹600 crore, with a revenue potential exceeding ₹2,000 crore and estimated construction costs from ₹180 crore to ₹250 crore,” Gill mentioned.
The company is also set to develop a 175-key Hilton Hotel on 3-4 acres adjacent to the Meraqui project, investing approximately ₹225 crore.
Additionally, Gill indicated that the company is exploring opportunities in Amritsar and Ludhiana while remaining open to joint development ventures, although they do not plan to expand into other cities immediately.
