Shree KB Realty has acquired a nearly 3-acre land parcel in Greater Noida for Rs 1.22 billion through an auction process to develop a commercial project.

In a statement issued on Thursday, the company said it purchased a plot measuring about 12,000 sq metres, or 2.97 acres, with the transaction value including lease rent and stamp duty charges. The land parcel, located in Greater Noida West, was allotted through an auction conducted by the Greater Noida Authority.

Rakesh Singhal, Founder of Shree KB Group, said the company plans to develop a commercial project with a built-up area of around 0.85 million sq ft on the site. He added that demand for commercial real estate in Greater Noida has remained strong, supported by the completion of several large residential developments in the region.

Established in 2005, Noida-based Shree KB Realty has developed multiple residential and commercial projects across the Delhi-NCR region. The company has delivered more than 0.55 million sq ft of premium residential and commercial space to date.