Real estate firm Nirala World will invest Rs 400 crore to develop a luxury housing project in Greater Noida as part of its strategy to expand business amid strong demand for residential properties.
The company has launched its new housing project ‘Nirala Trio’, comprising around 400 flats, at Sector 2 in Greater Noida West, Uttar Pradesh. The company plans to “invest Rs 400 crore” for development of this project, Nirala World said in a statement. The company has registered its project under RERA law and also got other necessary clearances to build this project.
Nirala World will develop 400 units in this project. It is selling these units at Rs 11,000 per square feet. The price ranges from Rs 1.4 crore to Rs 1.8 crore. “This is our second residential project. Nirala Estate, our first project in the area, is spread across 25 acres and contains 4,050 apartments overall,” Nirala World CMD Suresh Garg said.
The company has delivered 3,600 units so far in Nirala Estate project and will soon give possession to the remaining 450 units. Garg said the demand for housing and commercial properties in Greater Noida continues to be strong. The company is expecting a sales realisation of around Rs 700 crore from this project, he added. Garg said the company is planning to develop two commercial projects in Greater Noida.
The real estate market has performed exceedingly well after the COVID pandemic. Sales have been robust for those listed and unlisted builders who have good track record of executing projects. After the pandemic, the demand has been consolidating towards such real estate players.This is because of the trust deficit as many builders did not deliver projects after taking money from customers.