SKA Group will invest Rs 400 cr in luxury housing project in Noida

24 Dec 2021 CW Team

According to sources, SKA Group plans to invest Rs 400 crore for developing a luxury housing project in Noida in the next five years. Recently, it has launched the SKA Orion project, which is spread across 3.5-acre land, having 508 units on the Noida Expressway.

Managing Director of SKA Group, Sanjay Sharma, told the media that the company had launched a new housing project in Noida, UP. The overall cost of developing the housing project is Rs 400 crore, from which Rs 300 is the cost of construction and Rs 100 crore is the land cost.

He said that the project funding would be through equity, internal accruals and advances from the homebuyers against sales.

The company has completed its four projects in Noida, Greater Noida and Ghaziabad, and five more projects are under construction.

He said that the company has launched 308 units at Rs 6,000 per sq ft and sold about 150 units to date.

Shamra expects the housing demand to remain strong in the coming years on the Noida Expressway, mainly after the announcement of the Jewar International Airport.

PM Narendra Modi laid the foundation stone of the Noida International Airport at Jewar.

As per a report by PropTiger, housing sales have increased by 1% in Delhi National Capital Region (NCR) at 4,458 units from July to September, compared to 4,427 units last year. Sales have increased by 58% from 2,828 units during the previous quarter.

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Also read: Real estate may see 5% price hike in 2022: Knight Frank India

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