Realty firm SKA Group will invest Rs 400 crore over the next five years to develop a luxury housing project in Noida, Uttar Pradesh.
The company has launched its new project ‘SKA Orion’, spread over 3.5 acres land parcel and comprising 508 units, on Noida Expressway, according to a statement.
“We have launched a new housing project in Noida. The total cost of the project is Rs 400 crore, of which Rs 300 crore is the cost of construction and Rs 100 crore is the land cost,” said Sanjay Sharma, Director, SKA Group.
The investment will be funded through equity funding, internal accruals, and advances from customers against sales, he added.
Noida-based SKA group has completed four projects in Noida, Greater Noida, and Ghaziabad, while five projects are under construction.
Sharma said the company has launched 308 units so far at a Rs 6,000 per square feet rate. “We have sold about 150 units till now. We are mainly targeting end-users.”
He expects the housing demand to remain strong in coming years on Noida Expressway, particularly after the announcement of Jewar Airport.
Last month, Prime Minister Narendra Modi laid the foundation stone for the Noida International Airport at Jewar in Uttar Pradesh, which would be one of the largest in Asia.
According to a report by housing brokerage firm PropTiger, housing sales rose 1 per cent in Delhi-NCR at 4,458 units during the July-September quarter as against 4,427 units in the year-ago period. The sales grew by 58 per cent from 2,828 units in the previous quarter.
Sharma said the housing sales in the NCR improved further during the current quarter on the back of festive demand along with the other positive factors such as very low-interest rates on home loans.