New Delhi, Apr 22 (PTI) Realty firm Experion Developers will invest about Rs 1,500 crore to develop a luxury housing project in Noida as part of its expansion plans amid sharp rise in demand for residential properties.
Gurugram-based Experion Developers has registered its new project 'Experion Elements' with real estate regulatory authority, RERA, for launch.
The company, a wholly owned subsidiary of Experion Holdings Pte Ltd, Singapore, will develop around 320 housing units in this 4.7-acre project at Noida in Uttar Pradesh. In the first phase, around 160 units are being launched for sale.
Experion Developers CEO Nagaraju Routhu said the company is entering Noida, which is an important real estate market in Delhi-NCR.
With the receipt of the RERA registration for this project, he said the company is launching the first phase of this project comprising 160 units.
The company had bought this land from the state government through auction process to develop this housing project.
The total developable area in this entire project would be over 10 lakh sq ft.
Asked about investments, Routhu said it will be around Rs 1,500 crore. The cost will be met through internal accruals and collections of money from customers as advance against sales.
The starting price in this project is nearly Rs 5 crore for a 3BHK apartment. The project will have modern charging infrastructure for electric vehicles.
Experion Developers is developing township, housing and commercial projects in Gurugram, Amritsar, Lucknow, and Noida.
According to housing brokerage firm PropTiger.com, housing sales in Delhi-NCR jumped more than two-fold to 10,060 units during January-March 2024 from 3,800 units in the year-ago period.
In value terms, the sales in Delhi-NCR rose sharply to Rs 12,120 crore from Rs 3,476 crore during the period under review. PTI MJH TRB
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