New Delhi: Nirala World, a real estate company, plans to invest Rs 400 crore in building a high-end residential project in Greater Noida to grow its business in response to high demand for housing. The company introduced its latest residential project 'Nirala Trio', which consists of approximately 400 apartments, in Sector 2 of Greater Noida West, Uttar Pradesh. Nirala World stated that the company intends to spend Rs 400 crore on the development of this project.
The project has been registered under RERA law by the company and has obtained all other required approvals for construction. This project will consist of 400 units developed by Nirala World. The price for each unit is Rs 11,000 per square feet. The price varies from Rs 1.4 crore to Rs 1.8 crore. "This marks our second residential endeavor." Nirala World CMD Suresh Garg mentioned that Nirala Estate, our initial venture in the region, covers 25 acres and comprises a total of 4,050 apartments.
The company has completed delivery of 3,600 units in the Nirala Estate project and is preparing to hand over the remaining 450 units. Garg stated that there is still high demand for housing and commercial properties in Greater Noida. He mentioned that the company anticipates generating approximately Rs 700 crore in sales from this project. Garg revealed the company's intention to work on two commercial projects in Greater Noida.
The real estate market has experienced exceptional performance following the COVID pandemic. Builders, both listed and unlisted, with a strong history of completing projects have experienced strong sales. Following the pandemic, there has been a shift in demand towards real estate companies due to a lack of trust caused by builders not completing projects after receiving payment from customers.
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