Nerala World said in a statement that the company plans to “invest Rs 400 crore” in the development of the project.
The company has registered its project under the RERA Act and has also obtained other necessary approvals for construction of the project.
Nerala World will develop 400 units in this project. It is selling the units at Rs 11,000 per sq ft. The price ranges from Rs 1.4 crore to Rs 1.8 crore.
“This is our second residential project. Nerala Estate, our first project in the area, is spread over 25 acres and has a total of 4,050 apartments,” said Suresh Garg, CMD, Nerala World.
The company has so far delivered 3,600 units in the Nerala Estate project and will soon hand over the remaining 450 units.
Garg said demand for residential and commercial properties in Greater Noida continues to be strong.
He added that the company is expecting a sales receipt of around Rs 700 crore from the project.
Garg said the company is planning to develop two commercial projects in Greater Noida.
The real estate market has performed very well post the COVID pandemic. Sales have been strong for unlisted and unlisted builders with a good track record of executing projects.
After the pandemic, the demand is getting stronger towards such real estate players. This is due to lack of trust as many builders did not deliver projects after taking money from customers.