Shakuntalam Landcraft, a real estate developer, proposes to spend Rs 1,500 crore in developing an industrial park on a property that originally housed South Korean automaker Daewoo Motors’ production unit in Surajpur, Greater Noida, close here. 

Shakuntalam Landcraft Private Limited is a real estate firm founded in 2013. The firm is registered in Delhi and is categorized as a non-government organization. 

In 2023, the Indian real estate market is predicted to rise by more than 6% in capital value. Due to strong demand and low supply, the market is expected to be a sellers’ market, with prices increasing. 

The Indian real estate market is anticipated to be valued at $265.18 billion in 2023 and $828.75 billion by 2028. During the projection period (2023-2028), the industry is estimated to increase at a CAGR of 25.60%. 

According to a senior corporate executive, the industrial park would host more than 600 micro, small, and medium companies (MSMEs), which would create an estimated 25,000 direct and indirect employment in the region.

Talking with PTI, Shakuntalam Landcraft Director Pallavi Gupta told PTI, “We have bought 204 acres of industrial land in Surajpur, Greater Noida in an auction for about Rs 359 crores. We have planned to develop it as a gold-rated industrial park to house around 600 MSMEs at a total investment of about Rs 1,500 crore.”

She said that the industrial park would take two years to complete and would include amenities such as concrete roads, underground electrical distribution, a gated campus, CCTV monitoring, round-the-clock security, and other maintenance services.

She further added that early estimates show that these 600 MSMEs would produce Rs 50,000 crore in products and create 25,000 direct and indirect employment in the region.

MSMEs now demand 400-500 sq m plots and cannot afford all of the additional amenities that an industrial park can give, she noted.

The site was first assigned to DCM Toyota in 1980 and was then transferred to South Korean vehicle manufacturer Daewoo Motors in 1990. Pan India purchased the land in 2008. However, Pan India was unable to pay the whole amount and lost the lawsuit in the Bombay High Court in 2016.

In 2018, the building, equipment and machinery were scrapped. According to her, this site was auctioned off 10 times before being purchased by Shakuntalam Landcraft.

Gupta further said that thanks to the efforts of the government and debt collection tribunal courts, an asset that has been idle for 22 years would be repurposed.