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Realty firm Experian Developers will invest around Rs 1,500 crore to develop a luxury housing project in Noida as part of its expansion plans amid a sharp increase in demand for residential properties.

Gurugram-based Experian Developers has registered its new project ‘Experian Elements’ with the real estate regulatory authority, RERA, for launch.

The company, a wholly owned subsidiary of Experian Holdings Pte Ltd, Singapore, will develop approximately 320 housing units in this 4.7-acre project in Noida, Uttar Pradesh. About 160 units are being launched for sale in the first phase.

Nagaraju Routhu, CEO of Experian Developers, said the company is entering Noida, which is an important real estate market in Delhi-NCR.

He said that with the receipt of RERA registration for this project, the company is starting the first phase of this project with 160 units.

The company had purchased this land from the state government through an auction process to develop this residential project.

The total developable area in this entire project will be more than 10 lakh square feet.

When asked about the investment, Routhu said it would be around Rs 1,500 crore. The costs will be met through internal accruals and collection of advance funds from customers in lieu of sales.

The starting price of 3BHK apartments in this project is around Rs 5 crore. The project will have modern charging infrastructure for electric vehicles.

Experian Developers is developing townships, residential and commercial projects in Gurugram, Amritsar, Lucknow and Noida.

According to housing brokerage firm PropTiger.com, housing sales in Delhi-NCR rose more than two-fold to 10,060 units during January-March 2024 from 3,800 units in the year-ago period.

In value terms, sales in Delhi-NCR grew sharply from Rs 3,476 crore to Rs 12,120 crore during the period under review.

(Only the headline and image in this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

first published: 22 April 2024 | 10:26 pm First

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