Gillco Groups invest 800 cr to develop 12-acre housing project

Synopsis: Gillco Group announces an ₹800 crore investment in its ultra-luxury housing project, Gillco Meraqui, in Mohali. The 12-acre development is expected to generate ₹2,300–2,400 crore in revenue and marks the developer’s premium housing debut.

Gillco Group has announced an investment of approximately ₹800 crore to develop Gillco Meraqui, an ultra-luxury residential project in Sector 126, Mohali, marking the company’s strategic entry into the premium housing segment. Spread across 12 acres along the rapidly developing PR-7 Airport Road, the project is expected to generate total revenue of ₹2,300–2,400 crore, reflecting the growing demand for high-end residential developments in the Chandigarh–Mohali region.

The development will comprise 444 luxury apartments across six residential towers, offering spacious 3+1 and 4+1-bedroom residences. Gillco Group has initially opened 250 apartments for sale, with prices starting at around ₹4 crore. The first phase involves an investment of approximately ₹400–450 crore and is expected to generate sales of nearly ₹1,200 crore.

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The project features a saleable area of around 16.23 lakh square feet, while the total built-up area, including basement levels, will be close to 22 lakh square feet. Construction is expected to be completed within four years in accordance with RERA timelines. Renowned architecture firm Morphogenesis has been appointed as the project architect, while Essajees Atelier will oversee interior design, ensuring a contemporary luxury living experience.

According to Tejpreet Singh Gill, Managing Director of Gillco Group, the project represents a significant shift in the company's long-term strategy. Having previously focused on budget and premium housing, the developer now aims to establish itself as a leading luxury real estate brand. The company believes demand for larger, thoughtfully designed homes has increased significantly across Mohali and the wider Chandigarh region, driven by rising incomes, infrastructure development, and changing buyer preferences.

Gillco Group stated that the land parcel for the project was acquired in 2010, giving the company a strategic advantage by eliminating land acquisition costs at current market prices. The developer also confirmed that the entire investment will be funded through internal accruals, as the company remains debt-free.

The launch forms part of Gillco Group's broader expansion strategy. The company currently holds a 270-acre land bank, including 70 acres on Airport Road, 100 acres in New Chandigarh, and 100 acres of industrial land. It also plans to develop a plotted residential project in New Chandigarh, with revenue potential exceeding ₹2,000 crore, and a 175-key Hilton hotel near the Meraqui development with an estimated investment of ₹225 crore.

Mohali has emerged as one of North India's fastest-growing residential markets, supported by expanding road infrastructure, proximity to Chandigarh International Airport, and increasing commercial activity. The Airport Road corridor has witnessed significant appreciation in property values, encouraging developers to introduce premium and luxury residential projects targeting affluent homebuyers and non-resident Indians (NRIs).

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Gillco Group reported a turnover of ₹2,500 crore in FY26 and expects to generate ₹6,000 crore in revenue over the next five to six years while maintaining healthy profit margins. The company is also evaluating future development opportunities in Amritsar and Ludhiana, including joint development partnerships, as it expands its presence across Punjab.

The launch of Gillco Meraqui underscores the growing demand for luxury housing in the Tricity region and reflects developers' confidence in Mohali's long-term growth prospects. Backed by significant investment, premium design, and strategic location, the project is expected to strengthen the city's position as an emerging destination for upscale residential development.