Realty firm KW Group has acquired 1.5 acres of land in Ghaziabad, Uttar Pradesh, for Rs 134 crore through an auction to develop a housing project.

In a statement on Thursday, the company said it has acquired a 1.5-acre freehold land parcel in Indirapuram, Ghaziabad, for Rs 133.98 crore (excluding stamp duty and registration charges), PTI reported.

The parcel was acquired through an auction conducted by the local development authority.

The company plans to develop an ultra-luxury residential project on the site, with a development potential of around 5 lakh sq ft.

The project is backed by a Rs 150 crore commitment from ASK Property Fund, the real estate arm of Blackstone-backed ASK Asset & Wealth Management Group.

Pankaj Kumar Jain, Director of KW Group, pointed out that there are not many luxury housing projects in Ghaziabad while the demand for such products is quite high.

“ASK Property Fund’s participation reflects confidence in both the location and our 27-year execution record. We will begin construction very soon after obtaining statutory approvals,” he added.

Delhi-NCR-based KW Group has delivered 43 lakh sq ft of real estate space so far.