As part of its expansion plan, real estate company SKA Group announced on Wednesday that it will invest close to Rs 600 crore to build a lavish housing project in Greater Noida.
Two residential projects worth a total 1,800 units are currently under construction, while the company has completed four housing projects 3,200 units thus far. Additionally, a 600-unit commercial project is being developed by it. These projects are located in the Uttar Pradesh markets of Noida, Greater Noida, and Ghaziabad.
“We have launched a new housing project ‘SKA Destiny One’ in Greater Noida. The project spread over 6 acres will have 645 units,” SKA Group Director Sanjay Sharma told reporters here.
The price ranges between Rs 1.5 crore and Rs 3 crore per apartment.
The company had bought this land from Greater Noida development authority and the entire land price has been paid. The total saleable area is nearly 14 lakh square feet.
According to Sharma, the entire project would cost Rs 592 crore, including building and land. By 2029, the project will be completed.
According to L N Jha, director of SKA Group, the company will use internal accruals and customer collections against sales to cover project costs. “We have applied for a Rs 100 crore bank loan which will be used as construction finance if required,” Jha added.
Sharma said the company has already sold 200 units in this project. The company is currently selling units at Rs 9,500 per square feet. He pointed out that although there isn’t much new housing available, there is still a high demand for homes in Noida and Greater Noida. “The demand is primarily from end-users,” Sharma said.
Data from housing brokerage firm PropTiger.com revealed that sales of homes increased by 41% to 1,20,640 units in the top eight cities between January and March 2024, compared to 85,840 units in the corresponding period of the previous year. Sales in Delhi-NCR increased during the review period by more than double, from 3,800 units to 10,060 units.
In the meantime, these investments provide India with job opportunities, both directly and indirectly.
